12.09.201610:00 Forex Analysis & Reviews: Technical analysis of USD/CAD for September 12, 2016

Long-term review

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General overview for 12/09/2016:

The quite strong rebound in this pair has reached the level of 78%Fibo and had been labeled as a complex corrective structure. Please notice, that any violation of the level of 1.3147 will result in immediate invalidation of the current count, especially wave a purple will not be labeled as the impulsive structure, but more possibly as a zig-zag pattern. Moreover, the growing bearish divergence is still supporting the main count.

Support/Resistance:

1.3155 - WR1

1.3147 - Intraday Resistance

1.3077 - 78%Fibo

1.2994 - Weekly Pivot

1.2935 - WS1

Trading recommendations:

Day traders should consider to refrain from trading for now and wait for a better trading setup to occur shortly.

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