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13.04.201609:28 Forex Analysis & Reviews: Technical analysis of USD/CAD for April 13, 2016

Long-term review

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General overview for 13/04/2016:

The current Elliott wave count has been changed slightly and instead of the abc irregular correction the pattern evolved into more complex double zig-zag. The current corrective sub-wave (b) target is projected at the level of 1.2856. Then a downtrend should continue for at least one more wave. Please remember, that this structure might evolve even further into a triple zig-zag pattern as well.

Support/Resistance:

1.2747 - Intraday Support

1.2772 - WS2

1.2856 - WS1

1.2884 - Intraday Resistance

1.3036 - Weekly Pivot

1.3126 - WR1

1.3218 - Local High

1.3295 - Swing High

1.3303 - WR2

Trading recommendations:

Day traders should sell the market at the current prices with SL above the level of 1.2884 and TP at the level of 1.2700 (minimum.

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