empty
 
 
19.07.2012 11:07 AM
USD/CAD Wave Analysis July 19, 2012

This image is no longer relevant

USD/CAD Elliott Wave
For the last few weeks the USD/CAD pair was trading in a downward move developing corrective wave (2) (coloured orange). Yesterday during the Asian and European sessions we could observe an ascending movement towards the 1.0148 level where this major pair found resistance and price started pushing down. Therefore, during the New York session we could observe continuation of the bearish mood and the price reached a new 9 days low at 1.0100 level. At the moment the USD/CAD pair is developing corrective wave C (coloured blue) of the bigger (C) wave (coloured green). In accordance with our wave rules and taking into account that the wave C retraces 100% of the wave A, we can define the potential targets by measuring A wave with Take Profit 1 at 1.0042 (78.6% of wave A) and Take Profit 2 at 0.9986 (100% of wave A). Resistance at 1.0115 point can be used as Stop Loss. Also it is necessary to monitor the CAD Wholesale Sales m/m, U.S. Unemployment Claims, Existing Home Sales, Philly Fed Manufacturing Index data that can change the rate of the pair.
Support and Resistance
(S3) 1.0068 (S2) 1.0086 (S1) 1.0098 (PP) 1.0117 (R1) 1.0135 (R2) 1.0147 (R3) 1.0166
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0085 with Stop Loss 1.0115 Take Profit 1 at 1.0042 and Take Profit 2 at 0.9986 are recommended.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $1000 más!
    ¡En Febrero, sorteamos $1000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback