FX.co ★ Technical analysis of USD/CAD for July 20, 2016

General overview for 20/07/2016:

As anticipated yesterday, the 61% Fibo at the level of 1.3032 has been hit and the top for the wave (b) looks to be in place now. Currently, the market should start to develop another wave to the downside and any violation of the level of 1.3011 will be the first clue that the wave (c) is in progress.

Support/Resistance:

1.2087 - WS1

1.2972 - Weekly Pivot

1.3011 - Intraday Support

1.3035 - 61% Fibo

1.3053 - Intraday Resistnace

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.