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Market Overview
The USD/CAD pair wave trading in upward move yesterday, in European session we could observe price broker 50,100 and 200 EMA resistance and reached a new high at 0.9975 level,in the last few hours of a New York session price pullback to 50EMA.Today price continued to fallow bullish mood and price reached a new high in Asian session at 0.9988.Price did not manage to hold this level and price pushed back to 0.9955 level.In European session after we saw bad news from Europe this major pair once again push higher. We are expecting to see downward movement today to 0.9900 level,We need to take a look at USA Existing Home Sales today that could affect this pair.
The USD/CAD pair wave trading in upward move yesterday, in European session we could observe price broker 50,100 and 200 EMA resistance and reached a new high at 0.9975 level,in the last few hours of a New York session price pullback to 50EMA.Today price continued to fallow bullish mood and price reached a new high in Asian session at 0.9988.Price did not manage to hold this level and price pushed back to 0.9955 level.In European session after we saw bad news from Europe this major pair once again push higher. We are expecting to see downward movement today to 0.9900 level,We need to take a look at USA Existing Home Sales today that could affect this pair.
Support and Resistance levels
(S3) 0.9904 (S2) 0.9924 (S1) 0.9936 (PP) 0.9956 (R1) 0.9976 (R2) 0.9988(R3) 1.0008
(S3) 0.9904 (S2) 0.9924 (S1) 0.9936 (PP) 0.9956 (R1) 0.9976 (R2) 0.9988(R3) 1.0008
USD/CAD Elliott Wave Analysis
The USD/CAD pair is finishing (2) wave of bigger (v) wave.We are expecting to see end of (2) wave around 0.9995 and 1.0019 where we can enter short for (3) wave. According to our wave rules and taking into consideration that wave (3) will finish around 161.8% of (1) wave,we can project our targets for today with Fibonacci extension(1.0050-0.9906-0.9995) to first take profit level at 0.9863(100% of wave (1)) and second take profit at 0.9774(161.8% of wave (1)).
Trading Forecast
Proceeding from Elliott Wave Rules the trend is expected to begin the downward movement to go lower today. That is why Short position at levels 0.9995 with Stop Loss at 1.0050, Take Profit 1 at 0.9863 and Take Profit 2 at 0.9774 are recommended
Proceeding from Elliott Wave Rules the trend is expected to begin the downward movement to go lower today. That is why Short position at levels 0.9995 with Stop Loss at 1.0050, Take Profit 1 at 0.9863 and Take Profit 2 at 0.9774 are recommended
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