14.10.201314:05 Forex Analysis & Reviews: USD/CAD analysis for October 14, 2013

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USD/CAD Elliott Wave
Since our last analyses the USDCAD pair has been trading downwards, corrective wave b (coloured blue) of the bigger wave (y) (coloured green) has been developing. During Friday's Asian and European sessions we could observe a descending movement from 1.0411 towards the 1.0374 level. Therefore, during the New York session this commodity pair continued trading in a bearish mood and the price reached a new two-day low at the 1.0338 level. We can consider this move as the end of the wave b (coloured blue). At the moment, the USDCAD pair is trading around 1.0350 and we are expecting to see one more push higher in the next few days.In accordance with our wave rules and taking into account that wave C should retrace 100% of wave A, we can define the potential targets with measuring wave A with take profit at 1.0468 (100% of wave A). To reduce the risk, we can use invalidation point at 1.0330 level as stop loss.

Support and Resistance
(S3) 1.0255 (S2) 1.0297 (S1) 1.0327 (PP) 1.0369 (R1) 1.0399 (R2) 1.0441 (R3) 1.0471

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 1.0380 with stop loss at 1.0330 and take profit at 1.0468 are recommended.

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