FX.co ★ Technical analysis of USD/CAD for August 10, 2016

General overview for 10/08/2016:

The wave c green is being developed as anticipated at the beginning of the week and the projected target for this wave is below the intraday support at the level of 1.3000. Currently, the market is in the third sub-wave of the wave c, so there are at lease two more waves to be made before this cycle is completed.

Support/Resistance:

1.3282 - WR1

1.3251 - Wave Y Top

1.3190 - Intraday Resistance

1.3146 - Intraday Resistnace

1.3135 - Weekly Pivot

1.3080 - WS1

1.3000 - Technical Support

1.2935 - WS1

Trading recommendations:

Day traders should consider opening buy orders only if the level of 1.3251 is clearly violated. Otherwise, the bias outlook remains.