FX.co ★ Technical analysis of USD/CAD for July 15, 2016

General overview for 15/07/2016:

The bottom for the wave iii or c has now been established, and further upward price action is anticipated now. Please notice that any breakout above the intraday resistance at the level of 1.2979 will invalidate the impulsive count and make the corrective cycle more complex and time-consuming. A breakout above the dashed blue trend line is needed to confirm the temporary reversal.

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.