Technical Analysis of USD/CAD for June 30, 2016
General overview for 30/06/2016:
The sub-wave c of the corrective cycle in wave (ii) looks completed, and the whole correction looks like an irregular flat pattern. This is why the uptrend might be now resumed and a new higher high can be made. Please note that the corrective cycle might evolve into a more complex and time-consuming pattern as well. The most important level is intraday support at 1.2858, and any violation of the 1.2677 level will invalidate the black bullish impulsive count.
1.3119 - Intraday Resistance
1.2960 - Weekly Pivot
1.2900 - Wave iv Low
1.2858 - Intraday Support
1.2800 - Wave i Top | Invalidation Level |
All buy orders from the last week might be kept open as long as the level of 1.2800 is not clearly violated. New buy orders should be added between the levels of 1.2900 - 1.3097.