Technical Analysis of USD/CAD for May 19, 2016
General overview for 19/05/2016:
The wave (iii) impulsive progression is developing as anticipated as the wave (i) top has been violated and now it will act as support for the price. The price is trading inside of a bullish zone, and the next target is at the level of 1.3160.
Support/Resistance:
1.3161 - WR2
1.3065 - WR1
1.3014 - Intraday Support
1.2918 - Weekly Pivot
1.2821 - WS1
1.2757 - Technical Support
Trading recommendations:
Day traders should consider buying at dips in this market with SL below the level of 1.2757 and TP open for now, because we expect an impulsive wave progression to the upside to continue in the near term.
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