FX.co ★ Technical analysis of USD/CAD for July 12, 2016

General overview for 12/07/2016:

Another marginal higher high has been made as 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

1.3138 - Intraday Resistance

1.3118 - Wave (i) Top

1.3089 - Intraday Support

1.3002 - Weekly Pivot

1.2918 - WS1

1.2876 - Technical Support

1.2829 - Invalidation Level

Trading recommendations:

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