FX.co ★ Technical analysis of USD/CAD for June 24, 2016

General overview for 24/06/2016:

The sharp move upward looks like the wave 3 beginning, so the intraday resistance at the level of 1.3085 will likely be broken rather soon. The next important resistance is at the level of 1.3188, and it surely will be the next target for bulls if the level of 1.3085 gets violated.

Support/Resistance:

1.2654 - Wave X Bottom

1.2678 - WS1

1.2818 - 61% Fibo

1.2858 - Intraday Support

1.2881 - Weekly Pivot

1.3015 - WR1

1.3085 - Wave 1 Top | Intraday Resistnace|

Trading recommendations:

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