FX.co ★ Technical analysis of USD/CAD for May 13, 2016

General overview for 13/05/2016:

The downward wave progression labeled as a triple zig-zag correction was completed. Now the market is ready to develop another wave upward. The golden descending trend line was violated as well, and now the next target for the bulls is at the level of 1.2916. Please notice, the corrective structure in wave (ii) green might however evolve into a more complex and time consuming cycle.

Support/Resistance:

1.3015 - Intraday Resistance

1.29.16 - Intraday Resistance

1.2818 - Weekly Pivot

1.2785 - Intraday Support

1.2758 - Technical Support

1.2675 - WS1

Trading recommendations:

Sell orders from the beginning of the week should now be closed with profit, and day traders should consider buying this market from the current price levels with SL below the level of 1.2758 and TP open for now.