USD/CAD Elliott Wave
Since our last analysis, the USD/CAD pair has continued trading upwards, just like we expected, corrective wave a (coloured blue) of the bigger wave [z] (coloured green) has been developing. In the 1-hour chart of the USD/CAD pair, we can see that the price has break above the upper trend line yesterday that confirmed that we are in the [z] wave at the moment, and while price stay now above the low at the 1.0963 level we are going to look for more upward movements in this commodity pair.In accordance with our wave rules and taking into account that wave [z] should extend 100% of wave [w], we can define the potential targets with measuring wave [w] with take profit at 1.1490 (100% of wave [w]).
Support and Resistance
(S3) 1.0987, (S2) 1.1002, (S1) 1.1030, (PP) 1.1045, (R1) 1.1073, (R2) 1.1088, (R3) 1.1116.
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 1.1040 with stop loss at 1.0965 and take profit at 1.1495 are recommended.
