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19.09.201608:56 Forex Analysis & Reviews: Technical analysis of USD/CAD for September 19, 2016

Long-term review

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General overview for 19/09/2016:

The current situation at this pair is that straightforward and the main count is evolving towards another complex corrective structure, possibly triple-three pattern. The intraday count still suggests a deeper decline towards the level of 1.3030 and then a possible rebound higher. The intraday resistance at the level of 1.3252 is still the key level for bulls and any break higher will immediately invalidate current wave developments.

Support/Resistance:

1.3252 - Intraday Resistnace

1.3178 - Weekly Pivot

1.3124 - Intraday Support

1.3106 - WS1

1.3030 - Techncial Support

1.2962 - WS2

Trading recommendations:

Day traders should consider opening sell orders from current price levels with SL just above the level of 1.3253 and TP at the level of 1.3030.

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