Technical Analysis of USD/CAD for April 18, 2016
General overview for 18/04/2016:
The wave (b) extended higher during the weekend, but it looks like it was capped around the 50%Fibo at the level of 1.2985. If this is the top for wave (b) blue, then the bears should now break out below the intraday support at the level of 1.2872 and follow towards the level of 1.2743. If the intraday support will hold and only the weekend gap will be filled, then the top for the wave (b) blue might extend higher.
Support/Resistance:
1.2643 - WS2
1.2743 - Local Low
1.2808 - WS1
1.2897 - Intraday Support
1.2912 - Weekly Pivot
1.2989 - Intraday Resistance
1.3080 - WR1
1.3181 - WR2
Trading recommendations:
Day traders should sell the market at the current prices with SL above the level of 1.2999 and TP at the level of 1.2872 (minimum).
The material has been provided by InstaForex Company - www.instaforex.com
