Technical Analysis of USD/CAD for May 24, 2016
General overview for 24/05/2016:
As anticipated yesterday the wave iv corrective cycle is currently unfolding just above the weekly pivot at the level of 1.3056. One more higher high is still being expected as well, because wave v is still not completed. The projected target for wave v is at the level of 1.3218, but it might get extended to the level of 1.3276. Please notice, that the growing bearish divergence supports the view.
1.3276 - WR1
1.3218 - Projected target for wave v
1.3162 - Intraday Resistance
1.3056 - Weekly Pivot
1.3014 - Intraday Support
1.2951 - WS1
1.2771 - Technical Support
All buy orders from last week should be still kept open as the target hasn't been hit yet. The projected TP is still at the level of 1.3218.