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FX.co ★ Technical analysis of USD/CAD for August 29, 2016

Technical analysis of USD/CAD for August 29, 2016

General overview for 29/08/2016:

The bottom for the wave 2/b of the overall impulsive structure was established at the level of 1.2831, but the bulls' camp wasn't strong enough to move above the 61%Fibo at the level of 1.3032. This means the recent rally might be either wave 3 of the bullish progression or the wave c purple of the more complex and time consuming corrective cycle of a higher degree.

Support/Resistance:

1.2777 - WS2

1.2831 - Wave 2/b Bottom

1.2907 - WS1

1.2958 - Weekly Pivot

1.2965 - Intraday Support

1.3032 - 61%Fibo

1.3088 - WR1

1.3139 - WR2

Trading recommendations:

All buy orders recommended previous week should now move their SL to the level of 1.,2958 and leave TP still open.

Technical analysis of USD/CAD for August 29, 2016

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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