FX.co ★ Technical analysis of USD/CAD for April 19, 2016

General overview for 19/04/2016:

The wave (b) top seems to be in place as the new low in this pair was made. Nevertheless, there is still one more lower low anticipated in this market before any meaningful correction to the upside would take place. Moreover, any breakout higher above the intraday resistance might result in more complex and time-consuming wave iv progression.

Support/Resistance:

1.2643 - WS2

1.2740 - Local Low

1.2808 - WS1

1.2817 - Intraday Resistance

1.2912 - Weekly Pivot

1.2989 - Intraday Resistance

1.3080 - WR1

1.3181 - WR2

Trading recommendations:

All sell orders from yesterday hit the TP and were closed with profit. Currently traders should stay aside and wait for another setup to occur shortly.