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13.05.201609:52 Forex Analysis & Reviews: Technical analysis of USD/CAD for May 13, 2016

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

General overview for 13/05/2016:

The downward wave progression labeled as a triple zig-zag correction was completed. Now the market is ready to develop another wave upward. The golden descending trend line was violated as well, and now the next target for the bulls is at the level of 1.2916. Please notice, the corrective structure in wave (ii) green might however evolve into a more complex and time consuming cycle.

Support/Resistance:

1.3015 - Intraday Resistance

1.29.16 - Intraday Resistance

1.2818 - Weekly Pivot

1.2785 - Intraday Support

1.2758 - Technical Support

1.2675 - WS1

Trading recommendations:

Sell orders from the beginning of the week should now be closed with profit, and day traders should consider buying this market from the current price levels with SL below the level of 1.2758 and TP open for now.

Exchange Rates 13.05.2016 analysis

Sebastian Seliga
Analytical expert of InstaForex
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