InstaForex - Analytics

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Technical analysis of USD/CAD for August 4, 2015

General overview for 04/08/2015 08:40 CET

The upward wave progression did not hit the projected target level yet, but the move is still possible. The intraday support at the level of 1.3110 is the key level to the upside, because any breakout lower would expose the weekly pivot at the level of 1.3031 to test.

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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