FX.co ★ Technical analysis of USD/CAD for August 3, 2016

General overview for 03/08/2016:

The three wave decline towards the level of 1.3000 had been labeled as wave a green, which means more sideways price action in wave b is being expected.Currently, the market tested the support at the level of 1.3000 and bounced up to the level of 1.3120 at the time of writing. No clear violation of any key level has been made yet and market is still trading sideways.

Support/Resistance:

1.3251 - Wave Y Top

1.3190 - Intraday Resistance

1.3160 - WR1

1.3141 - Intraday Resistance

1.3081 - Weekly Pivot

1.3075 - Intraday Support

1.3000 - Intraday Support

1.2910 - WS1

Trading recommendations:

All sell orders from last week had been closed with profit. Currently the traders should refrain from trading and wait for a better trading setup to occur shortly. Sideways market is being expected for some time.