FX.co ★ Technical analysis of USD/CAD for July 19, 2016

General overview for 19/07/2016:

The main count has been invalidated due to overlapping of wave one and wave two. So, now the wave progression looks more complex and time-consuming as wave (b) is developing. The target for wave (b) might be the 61%Fibo at the level of 1.3035. When this level is reached, then the market should reverse to the downside in order to continue with wave (c).

Support/Resistance:

1.2087 - WS1

1.2925 - Intraday Support

1.2972 - Weekly Pivot

1.3021 - Intraday Resistance

1.3035 - 615Fibo

1.3085 - WR1

1.3138 - Local High

Trading recommendations:

Day traders should consider opening sell orders from the level of 1.3035 with tight SL and TP open for now. The reason for the trade is wave (c) to the downside anticipation.