FX.co ★ Technical analysis of USD/CAD for August 4, 2016

General overview for 04/08/2016:

The market tested the resistance at the level of 1.3141 and currently it is reversing towards the support at the level of 1.3000. 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.