FX.co ★ Technical analysis of USD/CAD for May 26, 2016

General overview for 26/05/2016:

The five impulsive waves labeled as wave (i) green had completed a little earlier than anticipated with the top at the level of 1.3186. Currently, the market is unfolding the corrective cycle in wave (ii) green. The invalidation line for the impulsive cycle is at the level of 1.2838, so the wave (ii) correction can not overlaps it.

Support/Resistance:

1.3276 - WR1

1.3186 - Local High

1.3056 - Weekly Pivot

1.2972 - Intraday Resistance

1.2951 - WS1

1.2892 - Intraday Support

1,2836 - Green Impulsive Count Invalidation Level

Trading recommendations:

All buy orders should be closed with profit now. More trades will be open when the correction is completed and another trading setup is present.