FX.co ★ Technical analysis of USD/CAD for September 8, 2016

General overview for 08/09/2016:

As anticipated yesterday the bottom of the wave a purple is now in place at the level of 1.2835 and the wave b is currently in progression. The projected target for wave b purple is recently violated the golden trend line zone, just above the intraday resistance at the level of 1.2886. The clearly visible bullish divergence between the price and momentum oscillator supports the view.

Support/Resistance:

1.3191 - WR2

1.3147 - Technical Resistance

1.3069 - WR1

1.3025 - Weekly Pivot

1.2903 - WS1

1.2886 - Intraday Resistance

1.2859 - WS2

1.2822 - Intraday Support

Trading recommendations:

Daytraders should consider opening buy orders from current price levels with SL just below the intraday support at the level of 1.2831 and TP at the level of 1.2900.