Technical Analysis of USD/CAD for April 13, 2016
General overview for 13/04/2016:
The current Elliott wave count has been changed slightly and instead of the abc irregular correction the pattern evolved into more complex double zig-zag. The current corrective sub-wave (b) target is projected at the level of 1.2856. Then a downtrend should continue for at least one more wave. Please remember, that this structure might evolve even further into a triple zig-zag pattern as well.
1.2747 - Intraday Support
1.2772 - WS2
1.2856 - WS1
1.2884 - Intraday Resistance
1.3036 - Weekly Pivot
1.3126 - WR1
1.3218 - Local High
1.3295 - Swing High
1.3303 - WR2
Day traders should sell the market at the current prices with SL above the level of 1.2884 and TP at the level of 1.2700 (minimum.
The material has been provided by InstaForex Company - www.instaforex.com