InstaForex - Analytics

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Technical analysis of USD/CAD for August 26, 2015

General overview for 26/08/2015 08:20 CET

After another high was reached, the count has been slightly changed to incorporate a new alternative labeling. Currently, the upward wave development looks like an uncompleted Ending Diagonal pattern in wave v blue, where two last sub-waves are missing. The alternative count is still indicated however more complex and time-consuming wave iv purple correction labeled as wave WXY brown. Please notice that the target projection for wave v blue might reach the weekly pivot resistance at the level of 1.3434.

Support/Resistance:

1.3434 - WR3

1.3352 - Intraday Resistance

1.3312 - WR2

1.3296 - Intraday Support

1.3264 - WR1

1.3144 - Weekly Pivot

Trading recommendations:

Swing traders should consider closing long-term buy orders or move the trailing stop loss orders up to the level of 1.3211.

Daytraders should refrain from trading due to lack of a clear trading pattern.

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