Technical Analysis of USD/CAD for April 26, 2016
General overview for 26/04/2016:
Currently, the market keeps trading in a very tight zone around the weekly pivot and below the intraday resistance at the level of 1.2749. 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 1.2749 would invalidate this scenario. The bullish divergence between the price and the momentum oscillator supports the view.
1.3246 - WR3
1.3218 - Swing High
1.3118 - WR2
1.2989 - Technical Resistance
1.2852 - WR1
1.2749 - Intraday Resistance
1.2721 - Weekly Pivot
1.2591 - Intraday Support
1.2554 - WS1
Currently traders should stay aside and wait for another setup to occur shortly.
The material has been provided by InstaForex Company - www.instaforex.com