10.10.201310:48 Forex Analysis & Reviews: USD/CAD analysis for October 10, 2013

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USD/CAD Elliott Wave
For the last few days the USDCAD pair has been trading upwards, corrective wave a (coloured blue) of the bigger wave (y) (coloured green) has been developing. Yesterday, during the Asian and European sessions we could observe ascending movements from 1.0351 towards the 1.0385 level. Therefore, during the New York session this commodity currency continued trading in a bullish mood and the price reached a new sessions high at the 1.0406 level. At the moment, the USDCAD pair is trading around 1.0409 and we are expecting to see a drop in the b wave. In accordance with our wave rules and taking into account that wave B should retrace 50% of wave A, we can define the potential targets with measuring wave A with take profit at 1.0354 (50% of wave A). To reduce the risk, we can use invalidation point at the 1.0450 level as stop loss.

Support and Resistance
(S3) 1.0307 (S2) 1.0330 (S1) 1.0361 (PP) 1.0384 (R1) 1.0415 (R2) 1.0438 (R3) 1.0469

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movements. That is why short positions at the level of 1.0400 with stop loss at 1.0430 and take profit at 1.0354 are recommended.

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