FX.co ★ Technical analysis of USD/CAD for July 31, 2015

General overview for 31/07/2015 09:20 CET

The three wave progression to the upside from the wave 2 black bottom at the level of 1.2859 is still developing. Currently, the intraday resistance at the level of 1.3045 is the main obstacle for the market and if it gets violated, the recent high at the level of 1.3106 will be tested. In case of reaching any new highs, the next weekly resistance is seen at the level of 1.3135.

Support/Resistance:

1.3135 - WR1

1.3106 - Swing High

1.3045 - Intraday Resistance

1.3026 - Weekly Pivot

1.2990 - Intraday Support

Trading recommendations:

Daytraders should consider opening buy orders from the level of 1.3050 with tight SL (15-20 pips) and TP at the level of 1.3106.