Technical Analysis of USD/CAD for April 21, 2016
General overview for 21/04/2016:
Five waves to the downside are present on the chart, so the corrective cycle to the upside should start any time soon. The alternative count suggests that a more complex wave iv correction is still possible, however, any breakout above the intraday resistance at the level of 1.2728 would invalidate this scenario. The bullish divergence between the price and the momentum oscillator supports the view.
Support/Resistance:
1.2591 - Intraday Support
1.2643 - WS2
1.2728 - Intraday Resistance
1.2808 - WS1
1.2912 - Weekly Pivot
1.2989 - Intraday Resistance
1.3080 - WR1
1.3181 - WR2
Trading recommendations:
All sell orders from yesterday hit the TP and were closed with profit. Currently traders should stay aside and wait for another setup to occur shortly.
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