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

General overview for 13/06/2016:

Just as anticipated last week, the low for the wave X brown has been established at the level of 1.2654, and now the market is trying to fight its way up. The first real obstacle is technical resistance at the level of 1.2911, so the price must impulsively break out above this level in order to change the ongoing downtrend. Currently, the market is trading around the weekly pivot at the level of 1.2800, just in the middle of the neutral zone.

Support/Resistance:

1.2614 - WS1

1.2654 - Wave X Low

1.2765 - Intraday Support

1.2800 - Weekly Pivot

1.2837 - Intraday Resistance

1.2911 - Technical Resistance

1.2940 - WR1

1.3122 - WR2

Trading recommendations:

All swing traders should get ready to close their long-term sell orders as the market is approaching a possible reversal zone.