USD/CAD Elliott Wave
The USD/CAD pair has followed our plan from last analysis very good, wave (iii) (coloured green) of the bigger wave [c] (coloured black) has been developing. In the short term chart above, we can see the strong rally from the 1.1020 level (current end of the (ii) wave) towards the 1.1195 level, we are currently in the (iii) wave that have more upside movements, so the plan will stay unchanged, looking for a pullback to re-enter a long position. In accordance with our wave rules and taking into account that wave (iii) should extend 161.8% of wave (i), we can define the potential targets with measuring wave (i) with take profit at 1.1348 (161.8% of wave (i)). To protect our positions, we can use the 1.1060 level, as stop loss, everyone who are holding long positions should move stops to break even.
Support and Resistance
(S3) 1.0939, (S2) 1.0982, (S1) 1.1059, (PP) 1.1102, (R1) 1.1179, (R2) 1.1222, (R3) 1.1299.
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 1.1140 with stop loss at 1.1060 and take profit at 1.1348 are recommended.
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For detail explanation and best discovery on market trends you may visit via Elliott Wave Analysis of USD/CAD for March 19, 2014 . Thanks for your support on Elliott Wave Analysis of USD/CAD for March 19, 2014
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