FX.co ★ Technical analysis of USD/CAD for July 27, 2016

General overview for 27/07/2016:

The marginal high has been made at the level of 1.3243, and it has been labeled as the wave Y top. The whole corrective structure labeled as WXY might be now completed. Nevertheless, as long as the golden trend line is now clearly violated and the intraday support at the level of 1.3056 is still providing support for bulls, the market might still be making marginal highs.

Support/Resistance:

1.3255 - WR1

1.3186 - Intraday Resistance

1.3123 - Intraday Support

1.3090 - Weekly Pivot

1.2998 - WS1

1.2835 - WS2

Trading recommendations:

Traders should refrain from opening new positions until a better trading setup occurs. The general bias, however, is bearish as the wave Y is about to complete.