FX.co ★ Technical analysis of USD/CAD for August 18, 2016

General overview for 18/08/2016:

The corrective cycle in wave iv has been completed and one more wave to the downside is expected before any meaningful bounce will happen. The wave v might develop into a typical ending diagonal pattern that will eventually break out to the upside when terminated.

Support/Resistant:

1.2798 - Intraday Support

1.2822 - WS1

1.2894 - Intraday Resistance

1.3006 - Weekly Pivot

1.3091 - WR1

Trading recommendations:

Currently day traders should refrain from trading and wait for the last cycle down to complete before entering any transaction.