FX.co ★ Technical analysis of USD/CAD for September 20, 2016

General overview for 20/09/2016:

Not much has changed since yesterday as the market is still trading inside the congestion zone that starts to evolve into a triangle pattern. The intraday count still suggests a deeper decline towards the level of 1.3030 and then a possible rebound higher. The intraday resistance at the level of 1.3252 is still the key level for bulls and any break higher will immediately invalidate current wave developments.

Support/Resistance:

1.3252 - Intraday Resistance

1.3178 - Weekly Pivot

1.3124 - Intraday Support

1.3106 - WS1

1.3030 - Technical Support

1.2962 - WS2

Trading recommendations:

Day traders should consider opening sell orders from current price levels with SL just above the level of 1.3253 and TP at the level of 1.3030.