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USD/CAD Elliott Wave
For the last few days the USD/CAD pair was trading in a downward movement, impulsive 3 wave (coloured blue) of the bigger (C) wave (coloured green) was developing. Yesterday during the Asian session we could observe descending movement from 0.9873 toward the 0.9866 level. Therefore, during the New York session this major pair continued to trade in a bearish mood and the price reached a new daily low at 0.9860 level. At the moment the USD/CAD pair is trading around 0.9865 level and we are expecting to see the price lower today. In accordance with our wave rules and taking into account that the wave C should retrace 100% of the wave A, we can define the potential targets with measuring wave A with take profit at 0.9803 (100% of wave A). To reduce the risk, we can use resistance at 0.9908 level as stop loss.
Support and Resistance
(S3) 0.9847 (S2) 0.9857 (S1) 0.9862 (PP) 0.9872 (R1) 0.9882 (R2) 0.9887 (R3) 0.9897
Trading Forecast
Proceeding from Elliott Wave rules today, the price is expected to begin the downward movement. That is why Short positions at level 0.9870 with stop loss 0.9908 and take profit at 0.9803 are recommended.
