FX.co ★ Technical analysis of USD/CAD for August 11, 2016

General overview for 11/08/2016:

The wave a purple has been formed and the bottom for this wave seems to be placed at the level of 1.3000. Currently, the wave b purple is in progress and it is trading just around the level of weekly pivot support at 1.3079. When this wave is completed, another leg down is anticipated in order to complete wave c green.

Support/Resistance:

1.3282 - WR1

1.3251 - Wave Y Top

1.3146 - Intraday Resistance

1.3135 - Weekly Pivot

1.3108 - Intraday Resistance

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 outlook remains bearish.