FX.co ★ Technical analysis of USD/CAD for May 23, 2016

General overview for 23/05/2016:

The anticipated wave iv corrective cycle is currently unfolding just above the weekly pivot at the level of 1.3056. One more higher high is still being anticipated as well, because wave v is still not completed. The projected target for wave v is at the level of 1.3218, but it might get extended to the level of 1.3276.

Support/Resistance:

1.3276 - WR1

1.3218 - Projected target for wave v

1.3162 - Intraday Resistance

1.3056 - Weekly Pivot

1.3014 - Intraday Support

1.2951 - WS1

1.2771 - Technical Support

Trading recommendations:

All buy orders from last week should be still kept open as the target hasn't been hit yet. The projected TP is still at the level of 1.3218.