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Technical analysis of USD/CAD for August 14, 2015

General overview for 14/08/2015:

The intraday resistance at the level of 1.3092 is the most important level for today as the corrective structure might get more impulsive in its last cycle if this level is broken. Nevertheless, the golden trendline is still providing the dynamic resistance and the market looks like it is in a distribution phase. Any failure to break out higher will put more emphasis on bearish wave development, especially if the intraday support at the level of 1.2951 is violated.

Support/Resistance:

1.3129 - Weekly Pivot

1.3092 - Intraday Resistance

1.3046 - WS1

1.2963 - WS2

1.2951 - Intraday Support

Trading recommendations:

Daytraders still should consider opening sell orders from the level of 1.3092 with tight SL (10-20 pips) and TP at the level of 1.3000.

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