09.08.201612:27 Forex Analysis & Reviews: Technical analysis of USD/CAD for August 9, 2016

Long-term review

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General overview for 09/08/2016:

The weekly pivot at the level of 1.3135 had provided the support for the bear camp and the price got back to the congestion zone. The top for wave b green might be in place now at the level of 1.3190 and the market should start to develop wave c green to the downside. Nevertheless, any breakout above the high at the level of 1.3251 will invalidate the count and then higher prices might be expected.

Support/Resistance:

1.3282 - WR1

1.3251 - Wave Y Top

1.3190 - Intraday Resistance

1.3146 - Intraday Support

1.3135 - Weekly Pivot

1.3080 - WS1

1.3000 - Technical Support

1.2935 - WS1

Trading recommendations:

Day traders should consider opening buy orders only if the level of 1.3251 is clearly violated. Otherwise, the bias outlook remains.

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