USD/CAD Elliott Wave
Since our last forecast the USD/CAD pair has been trading slightly lower, corrective wave (e) (coloured red) of the bigger wave [x] (coloured green) has finished developing. On the 1-hour chart you can see that USD/JPY has completed the Triangle wave [x] at 1.0580 and from there we can see upward movements above 1.0600 that is an active new buying opportunity in the final [y] wave against Friday's low at the 1.0580 level. In accordance with our wave rules and taking into account that wave Y should retrace 123.6% of wave W, we can define the potential targets with measuring wave W with take profit at 1.0711 (123.6% of wave W).
Support and Resistance
(S3) 1.0531 (S2) 1.0566 (S1) 1.0600 (PP) 1.0635 (R1) 1.0669 (R2) 1.0704 (R3) 1.0738
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.0630 with stop loss at 1.0580 and take profit at 1.0710 are recommended.
