Technical Analysis of USD/CAD for April 15, 2016
General overview for 15/04/2016:
The wave (b) blue top might now be in place as the yellow rectangle area was hit yesterday. When the top for wave (b) is in place, then a downtrend should continue for at least one more wave. The confirmation that the top is established is clear when the intraday support at the level of 1.2747 is violated. 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