18.02.201416:16 Forex Analysis & Reviews: Elliott Wave Analysis of USD/CAD for February 18, 2014

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USD/CAD Elliott Wave
Since our last analysis, the USD/CAD pair has been trading downwards, impulsive wave (iii) (coloured green) of the bigger wave [c] (coloured black) has been developing. In the 1-hour chart of the pair above, we can see that we are tracking impulsive wave (iii) since 1.0991, at the moment only sub-waves i and ii has been completed and that is why selling against 1.0991 is still best trading plan in this commodity currency. In accordance with our wave rules and taking into account that wave (iii) should extend 161.8% of wave (i), we can define the potential targets with measuring wave (i) with take profit at 1.0872 (161.8% of wave (i)). The RSI indicator is already showing marginal divergence that need to stay intact when developing of the (ii) wave complete all five sub-waves.

Support and Resistance
(S3) 1.0913, (S2) 1.0933, (S1) 1.0948, (PP) 1.0968, (R1) 1.0983, (R2) 1.1003, (R3) 1.1018.

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin downward movements. That is why short positions at the level of 1.0950 with stop loss at 1.0991 and take profit at 1.0872 are recommended.

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