Technical Analysis of USD/CAD for April 28, 2016
General overview for 28/04/2016:
The market is trying to complete the triple zig-zag pattern in the big wave Z brown. Currently, there is one more wave to the downside missing to complete this scenario as the wave (b) blue looks completed (a little early). The projected target for wave (c) is at the level of 1.2452 and this might be the termination of the whole corrective structure in big wave 4 pink.
Support/Resistance:
1.3246 - WR3
1.3218 - Swing High
1.3118 - WR2
1.2989 - Technical Resistance
1.2852 - WR1
1.2721 - Weekly Pivot
1.2696 - Intraday Resistance
1.2526 - Intraday Support
1.2454 - WS1
Trading recommendations:
Currently, traders should stay aside and wait for another setup to occur shortly.
The material has been provided by InstaForex Company - www.instaforex.com
