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Trade Idea: USD/CAD – Buy at 1.0220 Print E-mail
Elliott Wave Daily | Written by Action Forex | Mar 06 13 14:46 GMT

USD/CAD – 1.0284

Recent wave: Only wave v of c has ended at 0.9407 and A-B-C correction has possibly ended at 1.0658

Trend:  Near term up

Original strategy          : 

Buy at 1.0220, Target: 1.0420, Stop: 1.0160

Position: -
Target:  -
Stop:- 

New strategy                :

Buy at 1.0220, Target: 1.0420, Stop: 1.0160

Position: -
Target:  -
Stop:- 

Although near term sideways trading is likely to continue and the retreat from last week’s high of 1.0343 suggests initial downside risk remains for pullback to 1.0212-17 (38.2% Fibonacci retracement of 0.9999-1.0343 and previous support), renewed buying interests should emerge around this previous 4th of a lesser degree and bring another upmove, above said resistance would signal recent upmove has resumed and extend further gain to 1.0390-00. Our bullish count remains for recent upmove from 0.9633 low (wave v and wave c bottom) to extend further gain in either wave (iii) or wave c to bring further rise 1.0400 but near term overbought condition should limit upside to 1.0440-50, risk from there is seen for a correction to take place later.

In view of this, we are still looking to buy again on subsequent pullback. Only below support at 1.0155-60 would defer and signal a temporary top is formed, bring correction towards previous resistance at 1.0101 which is likely to limit downside and price should stay above 1.0055-60, bring another upmove.

To recap, wave B from 1.3066 is unfolding as an a-b-c and is sub-divided as a: 1.2192, b: 1.2716 and wave c is a 5-waver with i: 1.1983, ii: 1.2506, extended wave iii with minor iii at 1.0206, wave iv ended at 1.0781 and wave v as well as wave iii has ended at 0.9931, hence the subsequent choppy trading is the wave iv which is unfolding as (a)-(b)-(c) with (a) leg of iv ended at 1.0854, followed by (b) leg at 1.0108 and (c) leg as well as the wave iv ended at 1.0674. The wave v is sub-divided by minor wave (i): 0.9980, (ii): 1.0374, (iii): 0.9446, (iv): 0.9913 and (v) as well as v has possibly ended at 0.9407, therefore, consolidation with upside bias is seen for major correction, indicated initial target at 1.0500 has been met and further gain to 1.0674 (previous iv) would be seen later.

 

About the Author

Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500 GMT

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