We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/d00z4019XE
  • The medium-term #gold outlook still seems favorable as the #Fed, #ECB and more keep rates around 0. Immediate event risk ahead includes the #RBA and #BoC interest rate decisions, US jobs data and Brexit. Get your gold market update from @ddubrovskyFX here: https://t.co/ABXy78LmUn https://t.co/rCALcGaKOL
  • The trio of central banks overseeing the commodity currencies have already cut their main rates to all-time lows. Get your market update from @CVecchioFX here: https://t.co/OSUXrN5P3j https://t.co/Cxt86jl28N
  • The Japanese Yen fell for a third consecutive week with price testing resistance into June open. Here are the levels that matter on the $USDJPY weekly technical chart. Get your #currencies market update from @MBForex here: https://t.co/1QPXP0g7Ew https://t.co/WUtXHoRoQX
  • $USDZAR: A rally from here could be an important tell as to whether the level seen as support previously (17.76) will turn into a point of resistance for sellers to lean against. Get your $USDZAR technical analysis from @PaulRobinsonFX here:https://t.co/TNsQ4JJu6E https://t.co/I4yCjs2ja0
  • The US dollar continued to sell-off this week and the greenback’s future will be decided by commentary from the White House and not the Federal Reserve over the coming days and weeks. Get your #currencies market update from @nickcawley1 here: https://t.co/lpHneO3s2h https://t.co/bZ5klohLNd
  • #Gold prices have continued to push higher as expectations have built for global Central Banks to remain very loose and passive with monetary policy for the foreseeable future. Get your $XAUUSD technical analysis from @JStanleyFX here: https://t.co/h5tF3kAZfd https://t.co/VAYy9FGHcQ
  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/YvoHlUsdVr
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/X15k6b4ZyB
  • The month of May saw equities rise across the board. The #Dow Jones and #DAX 30 will look to hold above nearby support while the #Nasdaq 100 may look to attack all-time highs. Get your #equities market update from @PeterHanksFX here: https://t.co/dQxkG68R0I https://t.co/cgfcOs14qG
USD/CAD Price Forecast: Pattern Shows Potential Rise Towards 1.29

USD/CAD Price Forecast: Pattern Shows Potential Rise Towards 1.29

2017-08-23 03:17:00
Jeremy Wagner, CEWA-M, Head of Education
Share:

Last week we introduced USD/CAD as a market with further upside as the bullish pattern appeared incomplete. According to the Elliott Wave model, this pattern hinted to a resumption of the bullish trend after a dip in prices. Earlier on Tuesday, we received a dip in prices that was deep enough to satisfy the longer term model. As a result, we are positioned long with risk set to 1.2413.

The first target we are chasing is 1.2900 with a risk to reward ratio near 1-to-2. At that point, we will close half of the position and target 1.31 for a risk to reward ratio approaching and getting close to 1-to-3.

The Elliott Wave pattern we have spotted is a five wave impulsive wave to start a new trend. This pattern calls for a partial retracement lower, then another motive wave higher of similar size or Fibonacci proportions to the July 27 uptrend. This is how we establish 1.29 as our first target.

For this view to remain correct, price will need to remain above 1.2413.

To learn more about Elliott Wave theory, grab the beginner and advanced trading guide.

USD/CAD Price Forecast: Pattern Shows Potential Rise Towards 1.29

---

See how positive risk to reward ratios can affect trader profitability. Read our Traits of Successful Traders research.

If you are new to trading FX, we have created this guide just for you.

Written by Jeremy Wagner, CEWA-M

Jeremy is a Certified Elliott Wave analyst with a Master’s designation. This report is intended to illustrate how Elliott Wave Theory can be used to identify potential patterns of trading opportunities.

For further study on Elliott Wave, watch this webinar recording on “Starting Your Elliott Wave Counting” where Jeremy uses the 5-3 pattern similar to the one noted above as a way to starting counts using EW. [Registration required]

Other recent articles by Jeremy:

AUD/USD Elliott Wave Analysis: Symptoms of a Top

Dow Jones Industrial Average Primed for Further Correction

Follow on twitter @JWagnerFXTrader .

Join Jeremy’s distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.