Market Overview
The USD/CAD pair was trading in downward move yesterday, in the Asian session this major pair broke bottom channel line and stop at 50 EMA support, in the Europe session we could observe continuation of bearish mood and price reached new daily low at 0.9953 level.Price did not manage to hold this level in New York session and price started going higher to 0.9995 level.
Today in Asia we saw bullish mood and price is currently around 0.9983.We are expecting to see USD/CAD pair under 0.9920 .We need to take a look at USA New Home Sales today that could affect this pair.
The USD/CAD pair was trading in downward move yesterday, in the Asian session this major pair broke bottom channel line and stop at 50 EMA support, in the Europe session we could observe continuation of bearish mood and price reached new daily low at 0.9953 level.Price did not manage to hold this level in New York session and price started going higher to 0.9995 level.
Today in Asia we saw bullish mood and price is currently around 0.9983.We are expecting to see USD/CAD pair under 0.9920 .We need to take a look at USA New Home Sales today that could affect this pair.
Support and Resistance levels
(S3) 0.9917 (S2) 0.9940 (S1) 0.9955 (PP) 0.9979 (R1) 1.0002 (R2) 1.0017 (R3) 1.0041
(S3) 0.9917 (S2) 0.9940 (S1) 0.9955 (PP) 0.9979 (R1) 1.0002 (R2) 1.0017 (R3) 1.0041
USD/CAD Elliott Wave Analysis
The USD/CAD pair finished (2) wave at 1.0020, and we are currently in (3) wave.According to our wave rules and taking into consideration that wave (3) will finish around 161.8% of (1) wave, we can project our potential targets with Fibonacci extension(1.0050-0.9906-1.0019) to first take profit level at the 0.9875(100% of wave (1)) and second take profit at 0.9785(161.8% of wave (1)).For Stop Loss we can use end of wave (2)
The USD/CAD pair finished (2) wave at 1.0020, and we are currently in (3) wave.According to our wave rules and taking into consideration that wave (3) will finish around 161.8% of (1) wave, we can project our potential targets with Fibonacci extension(1.0050-0.9906-1.0019) to first take profit level at the 0.9875(100% of wave (1)) and second take profit at 0.9785(161.8% of wave (1)).For Stop Loss we can use end of wave (2)
Trading Forecast
Proceeding from Elliott Wave Rules the trend is expected to begin the downward movement to go lower today. That is why Short position at levels 0.9940 with Stop Loss at 1.0019, Take Profit 1 at 0.9875 and Take Profit 2 at 0.9785 are recommend
Proceeding from Elliott Wave Rules the trend is expected to begin the downward movement to go lower today. That is why Short position at levels 0.9940 with Stop Loss at 1.0019, Take Profit 1 at 0.9875 and Take Profit 2 at 0.9785 are recommend
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