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27.05.201609:05 Forex Analysis & Reviews: Technical analysis of USD/CAD for May 27, 2016

Long-term review

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General overview for 27/05/2016:

The wave c of the wave (ii) green had been terminated just above the intraday support at the level of 1.2892. The corrective structure looks completed now, but the low will be confirmed only if the golden trend line is violated from the downside and the intraday resistance at the level of 1.3036 is broken as well. Otherwise, the corrective structure might evolve to more complex and time-consuming pattern.

Support/Resistance:

1.3276 - WR1

1.3186 - Local High

1.3056 - Weekly Pivot

1.3036 - Intraday Resistance

1.2951 - WS1

1.2892 - Intraday Support

1,2836 - Green Impulsive Count Invalidation Level

Trading recommendations:

Day traders should consider to open the buy orders from current market levels with SL below the level of 1.2892 and TP open for now. The corrective structure in wave (ii) might be completed, so we anticipate a strong impulsive rebound in wave (iii).

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