FX.co ★ Technical analysis of USD/CAD for July 7, 2016

General overview for 07/07/2016:

The five-wave impulsive rally to the upside has been completed and it was labeled as wave i. Currently, the market is in the corrective decline towards the intraday support at the level of 1.2928 and the impulsive rebound is expected when this level is reached. Please notice, that the level of 1.1829 is the line in the sand for the impulsive structure and it can not be violated.

Support/Resistance:

1.2698 - WS2

1.2788 - WS1

1.2928 - Intraday Support

1.2952 - Weekly Pivot

1.3045 - WR1

1.3054 - Intraday Resistnace

1.3118 - Wave (i) Top | Intraday Resistance |

Trading recommendations:

All buy orders should be kept open and SL should be now moved just below the level of 1.2829. The reason for this trade is that the market should rebound and the uptrend should continue soon.