USD/CAD Elliott Wave Last week the USD/CAD pair was trading in a downward movement developing 3 wave (coloured blue). During the Friday's Asian session we could observe the price pushing higher toward 0.9870 level (100EMA resistance). Therefore during the European session the USD/CAD pair did not manage to hold this level and price started pushing lower. In the late New York session the major started trading in a sideways movement.Today during the Asian session the price continued to be traded in a sideways move. We expect the price go lower today in European and New York session. Presently we can observe the end of the 5 wave. In accordance with our wave rules and taking into account that the wave 5 retraces 138.2% of the wave 1 with Take Profit at 0.9767 (138.2% of wave 1). For Stop Loss the resistance level at 0.9845 can be used.Also it is necessary to consider the data concerning the U.S. Core PCE Price Index m/m, Personal Spending m/m, Chicago PMI and CAD GDP m/m, Gov Council Member Lane Speaks, RMPI m/m that can affect the rate of the pair.
Support and Resistance levels (S3) 0.9753 (S2) 0.9780 (S1) 0.9797 (PP) 0.9824 (R1) 0.9851 (R2) 0.9868 (R3) 0.9895
Trading Forecast Proceeding from Elliott Wave Rules this week the trend is expected to begin the downward movement. That is why Short positions at level 0.9800 with Stop Loss at 0.9845 and Take Profit at 0.9767 are recommended.
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