InstaForex - Analytics

    InstaForex

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    Technical analysis of USD/CAD for June 3, 2016 2016-06-03

    General overview for 03/06/2016:

    The corrective cycle is evolving into a more complex and time-consuming pattern, so more patience is needed. Nevertheless, the top of the wave (i) at the level of 1.3190 still hasn't been violated, but it is still possible for bulls to take this top out. The invalidation line for this cycle is still at the level of 1.2910. The final confirmation of the bullish impulsive wave development comes with a new high above the level of 1.3190.

    Support/Resistance:

    1.3190 - Wave (i) High

    1.3164 - WR1

    1.3132 - Intraday Resistance

    1.3035 - Weekly Pivot

    1.2997 - Intraday Support

    1.2888 - WS1

    1.2836 - Green Impulsive Count Invalidation Level

    1.2761 - WS2

    Trading recommendations

    All buy orders should be still kept open as the impulsive structure to the upside might still unfold anytime. Currently, the market is in the corrective cycle, so additional buy limit orders might be set within the buying zone between the levels of 1.3094 - 1.2997. The SL orders should be placed below the level of 1.2836

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