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27.09.201611:23 Forex Analysis & Reviews: Technical analysis of USD/CAD for September 27, 2016

Long-term review

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General overview for 27/09/2016:

The bottom for the wave v of the wave (c) has been established at 1.3000, and now the market is in the corrective upward cycle. The next local high at 1.3275 has been labeled as the top for the wave X, but the growing bearish divergence supports the downside outlook, at least within the intraday time frame.Weekly pivot at 1.3145 seems to be the key level for bears.

Support/Resistance:

1.3253 - Intraday Resistance (Invalidation Level)

1.3145 - Weekly Pivot

1.3124 - Intraday Support

1.3041 - WS1

1.3000 - Technical Support

1.2901 - WS2

Trading recommendations:

Day traders should consider opening sell orders from the current price levels with SL just above the level of 1.3275. TP should be left open for now.

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