Technical Analysis of USD/CAD for April 29, 2016
General overview for 29/04/2016:
Not much has been changed in this market as it is still 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 the big wave 4 pink, unless it will evolve into a big triangle pattern or any other complex corrective structure.
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
