FX.co ★ Technical analysis of USD/CAD for September 3, 2015

General overview for 03/09/2015 08:20 CET

This count started to evolve into more complex structure, but it still looks more corrective than impulsive. The WXY brown count is valid, and the overall wave development might get shape of a complex corrective pattern in wave 4 purple. This would mean the market might make another wave up with the projected target at the level of 1.3441.

Support/Resistance:

1.3355 - Swing High

1.3325 - Intraday Resistance

1.3319 - WR1

1.3260 - Intraday Support (weak)

1.3230 - Weekly Pivot

1.3114 - Intraday Support (strong)

1.3108 - WS1

Trading recommendations:

Daytraders should refrain from trading and wait for more clear pattern to occur. Swingtraders should close their long-term buy orders and wait for the further confirmation of a higher-degree corrective cycle.