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30.08.201612:46 Forex Analysis & Reviews: Technical analysis of USD/CAD for August 30, 2016

Long-term review

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General overview for 30/08/2016:

The top for the wave 3 looks to be in place as the market has made a possible double top formation at the level of 1.3045. This means the recent rally might be either wave 3 of the bullish progression or wave c purple of the more complex and time-consuming corrective cycle of a higher degree. Any violation of the intraday support at the level of 1.2965 will invalidate the impulsive bullish scenario.

Support/Resistance:

1.2777 - WS2

1.2831 - Wave 2/b Bottom

1.2907 - WS1

1.2958 - Weekly Pivot

1.2965 - Intraday Support

1.3032 - 61%Fibo

1.3088 - WR1

1.3139 - WR2

Trading recommendations:

All buy orders recommended previous week should now move their SL to the level of 1.,2958 and leave TP still open.

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