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Market Overview
The USD/CAD pair was trading in a bearish channel from December, in the early New York session after CAD trade balance showed 2,7b from expected 0,7b on Friday this major pair broke the upper channel line and reached a new high at the 1.0037 level.
The USD/CAD did not manage to hold this level and started falling a few pips above the 1.0000 level. Today in the early Asian session this major pair continued the downward movement, In the early European session this major pair found support at the 0.9970 level and started pushing higher. We are expecting to see the price back to 1.0100 today.
The USD/CAD pair was trading in a bearish channel from December, in the early New York session after CAD trade balance showed 2,7b from expected 0,7b on Friday this major pair broke the upper channel line and reached a new high at the 1.0037 level.
The USD/CAD did not manage to hold this level and started falling a few pips above the 1.0000 level. Today in the early Asian session this major pair continued the downward movement, In the early European session this major pair found support at the 0.9970 level and started pushing higher. We are expecting to see the price back to 1.0100 today.
Support and Resistance levels
(S3) 0.9903 (S2) 0.9940 (S1) 0.9962 (PP) 0.9999 (R1) 1.0036 (R2) 1.0058 (R3) 1.0095
(S3) 0.9903 (S2) 0.9940 (S1) 0.9962 (PP) 0.9999 (R1) 1.0036 (R2) 1.0058 (R3) 1.0095
USD/CAD Elliott Wave Analysis
The USD/CAD pair finished 5 impulsive waves in the i wave at 1.0037 and wave ii at 0.9970 level, we are currently in iii wave, According to our wave rules and taking into consideration that the wave iii will finish between 100 or 161.8% of wave i ,we can project our targets with Fibonacci extension(0.0.9924-1.00379-0.9970) to the 1.0084(100% of wave i) and 1.0154(161.8% of wave i).
The USD/CAD pair finished 5 impulsive waves in the i wave at 1.0037 and wave ii at 0.9970 level, we are currently in iii wave, According to our wave rules and taking into consideration that the wave iii will finish between 100 or 161.8% of wave i ,we can project our targets with Fibonacci extension(0.0.9924-1.00379-0.9970) to the 1.0084(100% of wave i) and 1.0154(161.8% of wave i).
Trading Forecast
Proceeding from Elliott Wave Rules the trend is expected to begin the upward movement to go higher today. That is why Long position at levels 1.0000 with Stop Loss at 0.9950 Take Profit at 1.0084 and Take Profit 2 at 1.0154 are recommended
Proceeding from Elliott Wave Rules the trend is expected to begin the upward movement to go higher today. That is why Long position at levels 1.0000 with Stop Loss at 0.9950 Take Profit at 1.0084 and Take Profit 2 at 1.0154 are recommended
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