FX.co ★ Technical analysis of USD/CAD for May 16, 2016

General overview for 16/05/2016:

The pair is still trading inside the neutral zone, but the recent breakout above the descending golden trend line looks promising for bulls. Nevertheless, it is worth mentioning, that the current corrective structure might evolve into more complex pattern. The impulsive break out above the intraday resistance at the level of 1.3014 is needed to confirm the bulls strength.

Support/Resistance:

1.3160 - WR2

1.3065 - WR1

1.3014 - Intraday Resistance

1.2918 - Weekly Pivot

1.2881 - Intraday Support

1.2821 - WS1

1.2757 - Technical Support

Trading recommendations:

Day traders should consider to buy at the dips in this market with SL below the level of 1.2757 and TP open for now, because we expect an impulsive wave progression to the upside to continue in the near term.