FX.co ★ Technical analysis of USD/CAD for April 22, 2016

General overview for 22/04/2016:

The market is still trading below the neutral zone, but the corrective cycle to the upside might start any time now. The alternative count suggests that a more complex wave iv correction is still possible, however, any breakout above the intraday resistance at the level of 1.2749 would invalidate this scenario. The bullish divergence between the price and the momentum oscillator supports the view.

Support/Resistance:

1.2591 - Intraday Support

1.2643 - WS2

1.2749 - Intraday Resistance

1.2808 - WS1

1.2912 - Weekly Pivot

1.2989 - Intraday Resistance

1.3080 - WR1

1.3181 - WR2

Trading recommendations:

Currently traders should stay aside and wait for another setup to occur shortly.