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FX.co ★ USD/CAD analysis for July 18, 2013

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Forex Analysis:::2013-07-18T08:20:59

USD/CAD analysis for July 18, 2013

USD/CAD analysis for July 18, 2013

USD/CAD Elliott Wave
Since our last analysis the USD/CAD pair has been trading upwards, corrective wave C (coloured green) of the bigger wave B (coloured blue) has been developing. Yesterday, during the Asian and European sessions we could observe descending movement from the 1.0407 towards the 1.0354 level and we can consider this movement as the end of the B wave (coloured green). Therefore, during the New York session this commodity currency did not manage to hold this levels and the price has retraced back to 1.0438 level (end of the (a) wave). At the moment the USD/CAD pair is trading around 1.0426 and we expect to see the price higher for the end of the final wave c of the B wave. In accordance with our wave rules and taking into account that wave C should retrace 100% of wave A, we can define the potential targets with measuring wave A with take profit at 1.0486 (100% of wave A). To reduce the risk, we can use support point at 1.0400 level as stop loss.

Support and Resistance
(S3) 1.0278 (S2) 1.0317 (S1) 1.0361 (PP) 1.0400 (R1) 1.0444 (R2) 1.0483 (R3) 1.0527

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0430 with stop loss at 1.0400 and take profit at 1.0486 are recommended.

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