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

General overview for 29/09/2016:

The golden trend line has been violated, and the market has dropped rapidly below the weekly pivot just as anticipated. From the Elliott Wave Principle point of view, the downside cycle hasn't been completed yet and more weakness in this market is expected. Currently, the market is developing intraday corrective sub-cycle and may break out lower any time soon.

Support/Resistance:

1.3145 - Weekly Pivot

1.3046 - Intraday Support

1.3041 - WS1

1.3000 - Technical Support

1.2901 - WS2

Trading recommendations:

Day traders should consider closing the sell orders from this week with a nice profit and wait for another trading setup to occur.