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Technical analysis of USD/CAD for August 24, 2015

General overview for 24/08/2015 11:20 CET

The corrective cycle in the wave X brown has violated the wave 3 top at the level of 1.3211 and is currently trading above it. Nevertheless, the irregular corrective cycle is still possible from this levels, but the market must impulsively break below the intraday support at the level of 1.3211 and head towards the weekly pivot at the level of 1.3144. A lack of such a price action will make the alternative purple count more probable.

Support/Resistance:

1.3314 - WR2

1.3264 - WR1

1.3256 - Intraday Resistance

1.3211 - Intraday Support

1.3144 - Weekly Pivot

Trading recommendations:

Swingtraders should consider closing long-term BUY orders or move the trailing stop loss orders up to the level of 1.3211.

Daytraders should consider selling any low/climactic volume breakout below the level of 1.3211 with SL above the level of 1.3257 and TP at the level of 1.3144.

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