InstaForex - Analytics

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    Technical analysis of USD/CAD for August 3, 2015

    General overview for 03/08/2015 13:00 CET

    After breaking above the recent swing high at the level of 1.3101, the market continues to climb higher and the next resistance is seen at the level of 1.3205. Please notice that the market might be at its final stages of the upward wave development, and the alternative count indicates a possible sharp reversal to the downside after the top of wave B blue or alt:(v) green is found.

    Support/Resistance:

    1.3205 - WR1

    1.3176 - Intraday Resistance

    1.3114 - Intraday Support

    1.3011 - Weekly Pivot

    Trading recommendations:

    Swingtraders should consider closing all mid-term and long-term buy orders as the upward cycle might be topping soon. Please wait for another buy opportunity to come when the downward corrective cycle is completed.

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