15.11.201313:05 Forex Analysis & Reviews: USD/CAD analysis for November 15, 2013

USD/CAD Elliott Wave 
Since our last analyses the USDCAD pair has been trading upwards, so we have adjusted our primary wave count a little bit, instead of tracking the (y) wave (coloured green) as completed, we are watching for one more push higher now.Yesterday, during the Asian and European session we could observe strong ascending movement from 1.0439 towards the 1.0525 level and we can consider this move as the end of the first leg of the .v wave (coloured black). Therefore, during the New York session this commodity currency did not manage to hold this area and price retraced back to 1.0461. At the moment, USDCAD is trying to push higher and we are looking to see one more push higher before price turn lower in the next cycle. 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 1.0546 (100% of wave A). To reduce the risk, we can use invalidation point at 1.0440 level as stop loss.

Support and Resistance
(S3) 1.0341 (S2) 1.0390 (S1) 1.0427 (PP) 1.0476 (R1) 1.0513 (R2) 1.0562 (R3) 1.0599

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 1.0490 with stop loss at 1.0440 and take profit at 1.0546 are recommended.