Market Overview
The USD/CAD pair was trading in a upward move yesterday, in a Asian session this major pair reached a new high at the 1.0050 level.The USD/CAD pair did not manage to hold this level and price started falling rapidly in a News York session to 0.9953 level.Today in a early Asian session price continued to push in a bearish mood,We are expecting to see this major pair find support at 0.9950 and push above 1.0000 today.We need to take a look at USA and CAD Core CPI that could affect this pair.
The USD/CAD pair was trading in a upward move yesterday, in a Asian session this major pair reached a new high at the 1.0050 level.The USD/CAD pair did not manage to hold this level and price started falling rapidly in a News York session to 0.9953 level.Today in a early Asian session price continued to push in a bearish mood,We are expecting to see this major pair find support at 0.9950 and push above 1.0000 today.We need to take a look at USA and CAD Core CPI that could affect this pair.
Support and Resistance levels
(S3) 0.9892 (S2) 0.9929 (S1) 0.9952 (PP) 0.9990 (R1) 1.0027 (R2) 1.0050 (R3) 1.0088
(S3) 0.9892 (S2) 0.9929 (S1) 0.9952 (PP) 0.9990 (R1) 1.0027 (R2) 1.0050 (R3) 1.0088
USD/CAD Elliott Wave Analysis
The USD/CAD finished (1) wave of the bigger ii wave at 1.0051,We are currently at the end of (2) we are expecting to see end of this wave at 0.9950 where we can enter Long for (3) wave, According to our wave rules and taking into consideration that wave (3) will finish around 161.8% of wave (1) we can project our targets with Fibonacci extension(0.9938-1.0050-0.9950) to first take profit level at 1.0064(100% of wave (1)) and second take profit at 1.0135(161.8% of wave (1)),for stop loss we will use end of wave ii at 0.9938
The USD/CAD finished (1) wave of the bigger ii wave at 1.0051,We are currently at the end of (2) we are expecting to see end of this wave at 0.9950 where we can enter Long for (3) wave, According to our wave rules and taking into consideration that wave (3) will finish around 161.8% of wave (1) we can project our targets with Fibonacci extension(0.9938-1.0050-0.9950) to first take profit level at 1.0064(100% of wave (1)) and second take profit at 1.0135(161.8% of wave (1)),for stop loss we will use end of wave ii at 0.9938
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 0.965 with Stop Loss at 0.9937, Take Profit at 1.0064 and Take Profit 2 at 1.0135 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 0.965 with Stop Loss at 0.9937, Take Profit at 1.0064 and Take Profit 2 at 1.0135 are recommended
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