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08.07.201609:27 Forex Analysis & Reviews: Technical analysis of USD/CAD for July 8, 2016

Long-term review

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General overview for 08/07/2016:

The three wave corrective decline in form of an abc irregular flat pattern had been completed and now the market is trending back up again. To confirm this bullish scenario, the price must break our above the golden trend line again and violate the intraday resistance at the level of 1.3054. Please notice, that the level of 1.2829 is the line in the sand for the impulsive structure and it can not be violated.

Support/Resistance:

1.2698 - WS2

1.2788 - WS1

1.2876 - Intraday Support

1.2952 - Weekly Pivot

1.3045 - WR1

1.3054 - Intraday Resistnace

1.3118 - Wave (i) Top | Intraday Resistance |

Trading recommendations:

All buy orders should be kept open and SL should be now moved just below the level of 1.2829. The reason for this trade is that the market should rebound and the uptrend should continue soon.

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