FX.co ★ Technical analysis of USD/CAD for September 15, 2016

General overview for 15/09/2016:

The current wave progression to the upside has been labeled as a triple complex corrective structure WXYXXZ. If the count is correct, then the market should impulsively fall towards the next support at the level of 1.3030 during the next few days. The growing bearish divergence between the price and momentum oscillator supports the view.

Support/Resistance:

1.3253 - Intraday Resistance

1.3223 - WR2

1.3155 - WR1

1.3124 - Intraday Support

1.3077 - 78%Fibo

1.3031 - Intraday Support

1.2994 - Weekly Pivot

1.2935 - WS1

Trading recommendations:

Day traders are recommended to refrain from trading for now and wait for a better trading setup to occur shortly.