FX.co ★ Technical analysis of USD/CAD for June 15, 2016

General overview for 15/06/2016:

Just as anticipated yesterday, the market is trading in the neutral zone and is trying to break out above the technical resistance at the level of 1.2909. Please notice the current move up does not look that impulsive, the momentum is decreasing, but as long as the golden trend line is not violated, the chances for another leg up are still high.

Support/Resistance:

1.2614 - WS1

1.2654 - Wave X Low

1.2750 - Intraday Support

1.2800 - Weekly Pivot

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.