FX.co ★ Technical analysis of USD/CAD for June 28, 2016

General overview for 28/06/2016:

As anticipated yesterday, another marginal wave up has been made in order to complete the five-wave pattern. Currently, the market is in a corrective sub-cycle that should reach the level of 1.2911 before the uptrend resumes. Moreover, the most important level is intraday support at 1.2858, and any violation of the 1.2677 level will invalidate the black bullish impulsive count.

Support/Resistance:

1.3097 - Intraday Resistance

1.2960 - Weekly Pivot

1.2900 - Wave iv Low

1.2858 - Intraday Support

1.2800 - Wave i Top | Invalidation Level |

Trading recommendations:

All buy orders from the last week might be kept open as long as the level of 1.2800 is not clearly violated. New buy orders should be added between the levels of 1.2900 - 1.3097.