USD/CAD Elliott Wave
Since our last analysis, the USD/CAD pair has been trading downwards, just like we expected, corrective wave [b] of [z] has been developing. In the 1-hour chart above, we can observe that correction from the 1.1053 is looking as the FLAT pattern, and if we are correct, we should see more downside movements towards 1.0954-1.0930, 50 & 61.8% of the [a] wave before the price turns higher again. For trading setup, we are going to look only for a buying opportunity at the mentioned zone, with a stop loss at the 1.0854 level. In accordance with our wave rules and taking into account that wave [c] should extend 100% of wave [a], we can define the potential targets with measuring wave [a] with take profit at 1.1150 (100% of wave [a]). Support and Resistance
(S3) 1.0991, (S2) 1.1003, (S1) 1.1015, (PP) 1.1027, (R1) 1.1039, (R2) 1.1051, (R3) 1.1063.
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 1.0950 with stop loss at 1.0854 and take profit at 1.1150 are recommended.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Elliott Wave Analysis of USD/CAD for for April 29, 2014 . Thanks for your support on Elliott Wave Analysis of USD/CAD for for April 29, 2014
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