InstaForex - Analytics

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    Technical analysis of USD/CAD for July 16, 2015

    General overview for 16/07/2015 08:30 CET

    As anticipated yesterday, another impulsive wave had developed to complete the upside cycle. Both counts indicate the possibility of a larger corrective cycle now as all five waves are being almost completed. The intraday traders should pay attention to the level of 1.2886 because any breakout lower will lead to immediate support test at the level of 1.2803.

    Support/Resistance:

    1.2957 - Local High

    1.2897 - WR2

    1.2886 - Intraday Support

    1.2803 - WR1

    Trading recommendations:

    Daytraders should close the buy orders remained from yesterday and wait for the corrective cycle to complete.

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