FX.co ★ Technical analysis of USD/CAD for August 1, 2016

General overview for 01/08/2016:

As anticipated last week, an impulsive wave progression to the downside is currently unfolding after the top for the wave Y brown had been established at the level 1.3251. Currently, the market is trading in counter-trend corrective cycle that is looking like a wave iv of the cycle, so one more wave to the downside is needed to complete the structure.

Support/Resistance:

1.3251 - Wave Y Top

1.3160 - WR1

1.3081 - Weekly Pivot

1.3073 - Intraday Resistance

1.3000 - Intraday Support

1.2910 - WS1

Trading recommendations:

All sell orders from the last week should now place the SL just above the level of 1.3071 and adjust it accordingly to the price move.