USD/CAD Elliott Wave
Since our last analysis the USD/CAD pair was trading in a downward movement, corrective B wave (coloured blue) of the bigger (B) wave (coloured green) was developing. Yesterday during the Asian and European sessions we could observe descending movement from 0.9953 toward the 0.9933 level. Therefore, during the New York session the USD/CAD pair continued trading in a bearish mood and the price reached a new daily low at 0.9915 level. At the moment this major pair is trading around 0.9923 level and we are expecting to see the price higher when development of the final C wave (coloured blue) starts. 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 A). To reduce the risk, we can use support at 0.9850 level as stop loss.
Support and Resistance
(S3) 0.9872 (S2) 0.9893 (S1) 0.9911 (PP) 0.9932 (R1) 0.9950 (R2) 0.9971 (R3) 0.9989
Trading Forecast
Proceeding from Elliott Wave rules today, the price is expected to begin the upward movement. That is why long positions at level 0.9930 with stop loss 0.9850 and take profit at 0.9999 are recommended.