InstaForex - Analytics

    InstaForex

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    Technical analysis of USD/CAD for June 22, 2016

    General overview for 22/06/2016:

    The growing bullish divergence between the price and momentum oscillator is indicating a possible sharp move upward, which supports the view about the upward trend renewal. The bottom for the wave c of the wave 2 seems to be in place, but the market might evolve into a more complex correction anyhow. Only a clear violation of the level of 1.2653 would invalidate the bullish view.

    Support/Resistance:

    1.2654 - Wave X Bottom

    1.2678 - WS1

    1.2762 - Intraday Support

    1.2818 - 61%Fibo

    1.2830 - Intraday Resistance

    1.2860 - Intraday Resistance

    1.2881 - Weekly Pivot

    1.3015 - WR1

    1.3080 - Wave 1 Top

    Trading recommendations:

    The first impulsive wave has been made after a long-term corrective cycle had bottomed, so the bias is to the upside. Buying the dips in this market with SL below the level of 1.2654 is the way to trade it now.

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