USD/CAD Elliott Wave Yesterday the USD/CAD pair was trading in a upwards movement. During the European session we observed descending movement towards the 0.9827 level. Therefore, during the New York session the USD/CAD pair did not manage to hold this level and the price started pushing higher reaching a new daily high at the 0.9891 level. Today during the Asian session we could observe the price slightly lower near 0.9875 level. We are expecting to see price under the 0.9850 level. In accordance with our wave rules and taking into account that the wave 5 retraces 100% of the wave 1, we can define the potential targets by measuring the first wave range; the First Take Profit at 0.9809 (78.6% of wave 1) and Second Take Profit at 0.9783 (100% of wave 1). As Stop Loss we can use the resistance level at 0.9903. It is also necessary to consider the data concerning the U.S. Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m, FOMC Member Williams Speaks and CAD Ivey PMI that can affect the rate of the pair.
Support and Resistance levels (S3) 0.9804 (S2) 0.9829 (S1) 0.9844 (PP) 0.9868 (R1) 0.9893 (R2) 0.9908 (R3) 0.9932
Trading Forecast Proceeding from Elliott Wave Rules, today the trend is expected to begin the downward movement. That is why Short positions at level 0.9870 with Stop Loss at 0.9903, Take Profit 1 at 0.9809 and Take Profit 2 at 0.9783 are recommended.
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