FX.co ★ Technical analysis of USD/CAD for July 27, 2015

General overview for 27/07/2015 08:45 CET

The impulsive wave progression to the upside had been completed according to the main count, and it looks like the market is in corrective cycle currently. The last move higher was in a clear three waves. So, the correction might be more complex and time-consuming. Any breakout below the weekly pivot support at the level of 1.2947 will confirm this view and alternative count will be in play.

Support/Resistance:

1.3100 - Intraday Resistance | Swing High|

1.3026 - Weekly Pivot

1.2952 - WS1

1.2947 - Intraday Support

1.2839 - WS2

Trading recommendations:

All TP targets for buy orders from last week has been hit. Currently the market is consolidating the gains and daytraders should wait for more clear pattern to appear.