USD/CAD Elliott WaveВ
Since our last forecast, the USD/CAD has continued trading downward, just like weВ expected,В correctiveВ wave (b) (coloured red) of the bigger wave [y] (coloured green) hasВ been developing. In the 1-hour chart you can see that we are trackingВ descendingВ moveВ from 1.0991 toward 1.0918 as corrective wave a of the bigger wave (b), and while priceВ stay below 1.0990 we can expect furtherВ weaknessВ of the USD/CAD pair towards 1.0837-1.0790 (38.2-50% of the wave (a)) that can offer as a new long signal against В theВ 1.0677 level.In accordance with our wave rules and taking into account that wave (c)В should retrace 100% of wave (a), we can define the potential targets with measuring waveВ (a) with take profit at 1.1185 (100% of wave (a)).В
Support and Resistance
(S3) 1.0836 (S2) 1.0836 (S1) 1.0907 (PP) 1.0948 (R1) 1.0978 (R2) 1.1019 (R3) 1.1049
Trading forecastВ
Proceeding from Elliott Wave rules today, the trend is expected to beginВ upward movements. That is why long positions at the level of 1.0790 with stop loss atВ 1.0677 and take profit at 1.1185 are recommended. В
