06.08.201507:32 Forex Analysis & Reviews: Technical analysis of USD/CAD for August 6, 2015

General overview for 06/08/2015 07:25 CET

An alternative count is currently seen. The market does not want to breakout higher above the level of 1.3213. This would mean the top for the wave B blue might be in place if the invalidation line at the level of 1.3095 is violated before any new high is reached. As the result, the alternative labeling will become the main count of ABC blue irregular flat correction with wave C blue to the downside, which is yet to be developed.

Support/Resistance:

1.3213 - Swing High|Intraday Resistance|

1.3204 - WR1

1.3095 - Intraday Support|Blue Impulsive Count Invalidation Level|

1.3011 - Weekly Pivot

1.2968 - WS1

Trading recommendations:

Daytraders should consider that the level of 1.3095 can be violated with tight SL (15-20 pips) and TP at the level of 1.3031.

Swingtraders should consider closing all mid-term and long-term buy orders as the upward cycle might be concluded soon. Please wait for another buy opportunity to come when the downward corrective cycle is completed.