Technical Analysis of USD/CAD for July 1, 2016
General overview for 01/07/2016:
The corrective cycle is evolving towards a more complex and time-consuming pattern. The leg c of this pattern might be completed soon, and the projected target is at the level of 1.2857. When the corrective cycle is completed, the uptrend might be resumed and a new higher high can be made. The most important level is intraday support at 1.2858, and any violation of the 1.2677 level will invalidate the black bullish impulsive count.
Support/Resistance:
1.3119 - Intraday Resistance
1.2960 - Weekly Pivot
1.2900 - Wave iv Low
1.2858 - Intraday Support
1.2800 - Wave i Top | Invalidation Level |
Trading recommendations:
All buy orders from the last week might be kept open as long as the level of 1.2800 is not clearly violated. New buy orders should be added between the levels of 1.2900 - 1.3097.
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