FX.co ★ Technical analysis of USD/CAD for July 11, 2016

General overview for 11/07/2016:

The main impulsive count is still developing, according to the current labeling. The first two impulsive waves, labeled as wave (i) and wave i, are just a part of a much bigger upward wave that will eventually be labeled as wave (iii). Currently, the market is still trading inside a golden channel, but a breakout higher above the level of 1.3118 is expected. The first target is seen at the level of 1.3175.

Support/Resistance:

1.3175 - WR1

1.3118 - Wave (i) Top

1.3089 - Intraday Resistance

1.3018 - Intraday Support

1.3002 - Weekly Pivot

1.2918 - WS1

1.2876 - Technical Support

1.2829 - Invalidation Level

Trading recommendations:

All buy orders from the last week should be still kept open as another wave to the upside is being anticipated.