FX.co ★ Technical analysis of USD/CAD for August 28, 2015

General overview for 28/08/2015 10:00 CET

The choppy and overlapping price action all around the hourly chart indicates a typical topping pattern in this pair. The bulls are exiting their long positions and the bears are tying to step in and push the prices in their favor. Nevertheless, there is still one more wave up missing to complete a possible ending diagonal cycle, but first, the intraday resistance at the level of 1.3352 must be violated.

Support/Resistance:

1.3434 - Potential Wave -v- Target Projection

1.3352 - Intraday Resistance

1.3312 - WR2

1.3264 - WR1

1.3180 - Intraday Support (weak)

1.3144 - Weekly Pivot

1.3140 - Intraday Support (strong)

Trading recommendations:

Daytraders should consider opening buy orders from the current price levels with SL below the level of 1.3179 and TP at the level of 1.3265.