FX.co ★ Technical analysis of USD/CAD for April 8, 2016

General overview for 08/04/2016:

The detailed count in the H1 time frame is showing the current wave development in two counts: main and alternative. The main count is still indicating one more wave to the downside to complete wave Z brown, but the alternative count is pointing out that a possible impulsive wave progression to the upside has already started. Nevertheless, any break out below the level of 1.3000 will invalidate this view.

Support/Resistance:

1.2814 - WS1

1.2850 - Swing Low

1.3000 - Invalidation Level

1.3048 - Weekly Pivot

1.3184 - Intraday Resistance

1.3146 - WR1

1.3241 - WR2

Trading recommendations:

Day traders should place buy stop orders at the level of 1.3148 with SL below the level of 1.3000 and TP open for now. Any big, impulsive, long hourly candle that breaks above the intraday resistance might suggest that bulls are back in control and we will try to join them.