FX.co ★ Technical analysis of USD/CAD for April 20, 2016

General overview for 20/04/2016:

The wave (c) bottom might be in place, however the alternative count is still indicating a possible wave alt: iv in progress right now. The bulls would have to break out above the level of 1.2817 to confirm the bottom is in place. Moreover, any breakout above the intraday resistance might result in more complex and time-consuming wave iv progression.

Support/Resistance:

1.2629 - Intraday Support

1.2643 - WS2

1.2740 - Intraday Resistance

1.2808 - WS1

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.