Tue, May 30, 2023 @ 08:42 GMT
HomeTrade IdeasElliott Wave DailyTrade Idea: USD/CAD - Buy at 1.3300

Trade Idea: USD/CAD – Buy at 1.3300

USD/CAD – 1.3409

Recent wave: Only wave v of c has ended at 0.9407 and wave C of major A-B-C correction is underway for headway to 1.4700

Trend:  Near term down

Original strategy       :

Buy at 1.3300, Target: 1.3450, Stop: 1.3240

Position: –

Target:  –

Stop: –

New strategy             :

Buy at 1.3300, Target: 1.3450, Stop: 1.3240

Position: –

Target:  –


The greenback has remained confined within recent established range and although pullback from 1.3437 (last week’s high) may bring minor correction to 1.3345-50, reckon 1.3300 would limit downside and bring another rise later, above said resistance at 1.3437 would extend recent upmove from 1.2969 low to resistance at 1.3461 but loss of near term upward momentum should prevent sharp move beyond 1.3500-10 and price should falter well below 1.3558, risk from there is seen for a retreat to take place later.

In view of this, would not chase this rise here and would be prudent to buy on pullback as 1.3300-10 should limit downside and bring another rise later. Below 1.3250 would defer and risk correction to indicated previous resistance at 1.3212 (now support) but only break there would suggest top is formed, bring weakness to 1.3165 first.

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 target at 1.3700 and 1.4000 had been met and further gain to 1.4700 would be seen later.


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