USD/CAD Elliott Wave Count for March 15, 2012

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Market Overview
Yesterday the USD/CAD pair was trading in the upward movement. During the European session the major started ascending to the 0.9938 level.Therefore during the start of the New York session we could observe downward movement to the 0.9885 level before we saw continuation of bullish mood.The USD/CAD finished trading day at 0.9930 level.Today during the early Asian session we could observe the bearish movement after we saw price test 0.9945 resistance line. Today USD/CAD is expected to test 1.0000 level. Also it is necessary to consider the data concerning the USD PPI m/m, Unemployment Claims,TIC Long-Term Purchases and Philly Fed Manufacturing Index that can affect the rate of the pair.
Support and Resistance levels
(S3) 0.9853 (S2) 0.9877 (S1) 0.9892 (PP) 0.9917(R1) 0.9941 (R2) 0.9956 (R3) 0.9981
USD/CAD Elliott Wave Analysis
The USD/CAD has finished wave (1) of the bigger C wave in the point 0.9946 and wave (2) in the point 0.9871. Presently we can observe 3 wave. In accordance with our wave rules and taking into account that the wave 3 will retrace to 138.2 or 161.8% of the wave 1 we can define the potential targets with the help of Fibonacci retracement (0.9872-0.9946-0.9871) with first Take Profit at level 0.9984 (138.2% of the wave (1)) and second Take Profit at 1.0002 (161.8% of the wave (1)). For Stop Loss we can use 0.9870 support level.
Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why long position at levels 0.9930 with Stop Loss at 0.9870, Take Profit at 0.9984 and Take Profit 2 at 1.0002 are recommended.