Technical Analysis of USD/CAD for May 10, 2016
General overview for 10/05/2016:
The top for the old wave b green had been violated again and this is why the count has been modified to incorporate the latest developments. Currently it looks more like an ending diagonal wave five and this is why the top for this wave progression is at the level of 1.3015 for now. Nevertheless, I still expect a corrective cycle to the downside with projected target at the level of 1.27.58.
Support/Resistance:
1.3015 - Intraday Resistance
1.2897 - Intraday Support
1.2818 - Weekly Pivot
1.2758 - Technical Support
1.2675 - WS1
Trading recommendations:
Day traders should consider opening sell orders from current price levels with SL above the level of 1.3015 and TP open for now (might extend to around 1.2758).
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