Technical Analysis of USD/CAD fo July 4, 2016
General overview for 04/07/2016:
The corrective cycle to the downside is still in progress and there is one more wave needed to complete the pattern. The projected target for wave c of the wave (ii) is at the level of 1.2788, so the market should rebound from this zone. Please notice, that the level of 1.2676 is the line in the sand for the impulsive structure and it can not be violated.
1.2676 - Invalidation Level
1.2698 - WS2
1.2788 - WS1
1.2858 - Intraday Support
1.2927 - Intraday Resistance
1.2952 - Weekly Pivot
1.3045 - WR1
1.3118 - Wave (i) Top
Day traders should consider opening buy orders at the level of 1.2788, with SL below the level of 1.2676 and TP open for now. The reason for this trade is that the market should rebound and the uptrend should continue soon.