FX.co ★ Technical analysis of USD/CAD for September 26, 2016

General overview for 26/09/2016:

The bottom for the wave v of the wave (c) has been established at 1.3000, and now the market is in the corrective upward cycle. It is worth to mention that the alternative count will indicate a complete invalidation of the corrective cycle if the level of 1.3253 gets violated again. Nevertheless, the growing bearish divergence supports the downside outlook, at least within the intraday time frame.

Support/Resistance:

1.3253 - Intraday Resistance (Invalidation Level)

1.3145 - Weekly Pivot

1.3124 - Intraday Support

1.3041 - WS1

1.3000 - Technical Support

1.2901 - WS2

Trading recommendations:

Day traders should consider opening sell orders from the current price levels with SL just above the level of 1.3253. TP should be left open for now.