Technical analysis of USD/CAD for August 13, 2015

General overview for 13/08/2015:

The corrective cycle continues in this pair after the top of the wave 1 blue at the level of 1.3211. This corrective structure might evolve into a more complex and time-consuming pattern and the current abc green cycle to the downside might be just a part of some higher-degree corrective cycle.

Support/Resistance:

1.3129 – Weekly Pivot

1.3092 – Intraday Resistance

1.3046 – WS1

1.2963 – WS2

1.2951 – Intraday Support

Trading recommendations:

Daytraders should consider opening sell orders from the level of 1.3092 with tight SL (10-20 pips) and TP at the level of 1.3000.

The material has been provided by InstaForex Company – www.instaforex.com