FX.co ★ Elliott Wave analysis of USD/CAD for January 15, 2014

USD/CAD Elliott WaveВ 

Since our last analysis the USD/CAD pair has been trading upwards, impulsive wave v (colored blue) ofВ the bigger wave (a) (colored red) has been developing. In the 1-hour chart of the USD/CAD pair you canВ see that the (a definite article is needed) price found support around 1.0842, where wave iv (coloured blue) completed the (a definite article is needed) FLAT correctiveВ pattern and from there we can see clear impulsive wave in the final v wave (coloured blue). A (an article is needed) break belowВ 1.0920 will trigger new fresh selling opportunity against the end of the red (a) wave. (A space is needed) In accordanceВ with our wave rules and taking into account that wave (b) should retrace 50% of wave (a), we can defineВ (no article) potential targets with measuring wave (a) with take profit at 1.0800 (50% of wave (a)).В 

Support and Resistance
(S3) 1.0784, (S2) 1.0821, (S1) 1.0884, (PP) 1.0921, (R1) 1.0984, (R2) 1.1021, (R3) 1.1084. Please use commas when enumerating.

Trading forecastВ 
Proceeding from Elliott Wave rules today, the trend is expected to begin downward movements. That isВ why short positions at the level of 1.0920 with stop loss at 1.0000 and take profit at 1.0800 areВ recommended.В В