empty
31.05.2012 12:51 PM
USD/CAD Elliott Wave Count for May 31, 2012

This image is no longer relevant

USD/CAD Elliott Wave
Yesterday the USD/CAD pair was trading in an upward movement developing B wave. During the European session we could observe the ascending movement towards the 1.0290 level. Therefore during the New York session the USD/CAD continued pushing higher and reached new daily high at 1.0310 level. This major pair did not manage to hold this level during the second half of the NY session and price pushed lower towards 1.0272 level. Today during the early Asian session the price pushed higher again and reached 1.0311 level. We can consider this move as the end of the B wave and the price is expected to be located under 1.0200 level today. In accordance with our wave rules and taking into account that the wave 4 retraces 38.2% of the wave 3, we can define the potential targets with Fibonacci retracement (0.9956-1.0310) with Take Profit at 1.0175 (38.2% of wave 3). Yesterday high at 1.0310 level can be used as Stop Loss. Also it is necessary to consider the data concerning the U.S FOMC Member Pianalto Speaks, ADP Non-Farm Employment Change, Prelim GDP q/q, Unemployment Claims, Prelim GDP Price Index q/q, Chicago PMI, Crude Oil Inventories and CAD Current Account the rate of the pair.

Support and Resistance Levels
(S3) 1.0181 (S2) 1.0217 (S1) 1.0239 (PP) 1.0276 (R1) 1.0312 (R2) 1.0334 (R3) 1.0371

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 1.0250 with Stop Loss at 1.0310 and Take Profit at 1.0175 are recommended

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Analysis of EUR/USD on June 5, 2025

The wave pattern on the 4-hour chart for the EUR/USD pair has transformed into an upward structure and continues to maintain this formation. I believe there is little doubt that

Chin Zhao 20:03 2025-06-05 UTC+2

GBP/USD Analysis on June 4, 2025

The wave pattern for GBP/USD continues to indicate the formation of an upward impulsive wave structure. The wave picture is almost identical to that of the EUR/USD pair. Until February

Chin Zhao 18:48 2025-06-04 UTC+2

EUR/USD Analysis on June 3, 2025

The wave pattern on the 4-hour chart for EUR/USD has transformed into an upward structure and remains such. I believe there's no doubt that this transformation occurred exclusively

Chin Zhao 19:38 2025-06-03 UTC+2

GBP/USD Analysis on June 3, 2025

The wave structure for GBP/USD continues to indicate the development of an upward impulsive wave pattern. The wave pattern is almost identical to that of the EUR/USD pair. Until February

Chin Zhao 19:32 2025-06-03 UTC+2

EUR/USD Analysis on June 2, 2025

The wave structure on the 4-hour chart for EUR/USD has transformed into a bullish formation and continues to hold that shape. I believe there is no doubt that this transformation

Chin Zhao 19:07 2025-06-02 UTC+2

GBP/USD Analysis on June 2, 2025

The wave structure for GBP/USD continues to indicate the formation of a bullish impulse wave pattern. The wave pattern closely mirrors that of EUR/USD. Until February 28, we observed

Chin Zhao 19:05 2025-06-02 UTC+2

Weekly Forecast Based on Simplified Wave Analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, EUR/GBP, and the US Dollar Index on June 2nd

During the upcoming week, the British pound is expected to move from its current zone toward the calculated resistance area. In the early days, a downward vector with potential pressure

Isabel Clark 11:53 2025-06-02 UTC+2

Weekly Forecast Based on Simplified Wave Analysis for EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on June 2nd

In the coming days, the euro is expected to continue moving sideways. A short-term decline toward the support zone is possible. Afterward, conditions for a reversal may form. The start

Isabel Clark 11:48 2025-06-02 UTC+2

GBP/USD Analysis on May 30, 2025

The wave structure for GBP/USD continues to indicate the development of an upward impulsive wave pattern. The wave pattern is almost identical to that of EUR/USD. Until February

Chin Zhao 17:31 2025-05-30 UTC+2

EUR/USD Analysis on May 29, 2025

The wave pattern on the 4-hour chart for EUR/USD has transformed into an upward structure and remains so. It is clear that this shift has occurred solely

Chin Zhao 20:18 2025-05-29 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.