USD/CAD Elliott WaveВ
The USD/CAD pair has been steadily trading upward for the last few days, extended iii wave (coloured blue)В of the bigger (a) wave (coloured red) has been developing.In the 1-hour chart above you can see thatВ yesterday price movementsВ makesВ us to think that wave .v (coloured blue) has completed the bigger wave iiiВ in the Ending Diagonal pattern at 1.0873, and we are looking now for a pullback toward 1.0808 to provide us newВ fresh buying signal after wave iv (coloured blue) complete corrective pattern. In accordance with our waveВ rules and taking into account that wave 5 should retrace 161.8% of wave 4, we can define the potentialВ targets with measuring wave 4 with take profit at 1.0911 (161.8% of wave 4). To protect our new longs weВ can use invalidation at the 1.0737 level as stop loss point.
Support and Resistance
(S3) 1.0758 (S2) 1.0788 (S1) 1.0815 (PP) 1.0845 (R1) 1.0872 (R2) 1.0902 (R3) 1.0929
Trading forecastВ
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is whyВ long positions at the level of 1.0808 with stop loss at 1.0737 and take profit at 1.0911 are recommended. В В
