USD/CAD Elliott Wave
Last week the USD/CAD pair was trading in a downward move, corrective wave (A) (coloured green) of the bigger (2) wave (coloured red) was developing. During the Friday's Asian and European sessions we could observe the price trading in a sideways movement between 0.9932 and 0.9920 level. Therefore, during the early New York session the USD/CAD pair did not manage to hold this levels and the price pushed higher reaching a new two-day high at 0.9951 level. At the moment this major pair is trading around 0.9923 level and we are expecting to see the price higher today. In accordance with our wave rules and taking into account that the wave B should retrace 61.8% of the wave A, we can define the potential targets with measuring wave A with take profit at 0.9999(61.8% of wave 1). To reduce the risk, we can use support at 0.9915 level as stop loss.
Support and Resistance
(S3) 0.9896 (S2) 0.9908 (S1) 0.9926 (PP) 0.9938 (R1) 0.9956 (R2) 0.9968 (R3) 0.9986
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9930 with stop loss 0.9915 and take profit at 0.9999 are recommended.