FX.co ★ Technical analysis of USD/CAD for July 14, 2016

General overview for 14/07/2016:

The golden trend line was broken and the market made another marginal lower low at the level of 1.29000. The complex corrective structure to the downside is still in progress and it might trade lower towards the intraday support at the level of 1.2875.

Support/Resistance:

1.3175 - WR1

1.3138 - Intraday Resistance

1.3118 - Wave (i) Top

1.3089 - Intraday Resistance

1.3002 - Weekly Pivot

1.2978 - Intraday Resistance

1.2918 - WS1

1.2875 - Technical Support

Trading recommendations:

All buy orders from last week should be closed with profit, and traders should consider opening sell orders with SL above the level of 1.3139.