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Technical analysis of USD/CAD for August 12, 2015

General overview for 12/08/2015 10:40 CET

The current price action inside the neutral zone looks like a typical market behavior during the topping process. This scenario is currently being supported by the Elliott wave count that indicates a possible top for the wave 1 blue. Nevertheless, the further clues will come only if the market breakout below the intraday support at the level of 1.2991 takes place. The golden trendline is currently the key dynamic resistance and only a breakout higher would invalidate the topping scenario.

Support/Resistance:

1.3213 - Intraday Resistance

1.3107 - WR1

1.3130 - Weekly Pivot

1.3046 - WS1

1.2991 - Intraday Support

1.2963 - WS2

Trading recommendations:

Daytraders should refrain from trading until a clear pattern appears or the corrective cycle is completed. A possible top is in place.

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