FX.co ★ Technical analysis of USD/CAD for August 10, 2015

General overview for 10/08/2015 10:30 CET

The overlaps of the waves i blue and wave iv blue might suggest the building of ending diagonal structure is currently in progress. The projected target for the last fifth wave that will complete the overall impulsive structure is at the level of 1.3293 and then the bigger corrective cycle will start. On the other hand, please note the ABC bigger corrective cycle is still possible on the hourly chart, but to confirm this scenario, the level of 1.3046 must be violated first.

Support/Resistance:

1.3293 - WR2

1.3213 - Intraday Resistance

1.3207 - WR1

1.3152 - Intraday Support

1.3129 - Weekly Pivot

1.3046 - WS1

Trading recommendations:

Daytraders should consider opening sell orders only if the level of 3152 is violated in clear, impulsive manner. Otherwise, the bias is bullish and buy orders should be preffered to open with SL at the level of 1.3150 and TP at the level of 1.3113 with a possible upwards extension up to the level of 1.3193.