Technical analysis of USD/CAD for August 31, 2016

General overview for 31/08/2016:

The market moved little higher than yesterday's intraday resistance and now bulls are testing the 78%Fibo at the level of 1.3105. This means the recent rally might be either wave 3 of the bullish progression or wave c purple of the more complex and time-consuming corrective cycle of a higher degree. Any violation of the intraday support at the level of 1.2965 will invalidate the impulsive bullish scenario.

Support/Resistance:

1.2777 - WS2

1.2831 - Wave 2/b Bottom

1.2907 - WS1

1.2958 - Weekly Pivot

1.3032 - 61%Fibo

1.3045 - Intraday Support

1.3088 - WR1

1.3105 - Intraday Resistance

1.3139 - WR2

Trading recommendations:

All buy orders recommended last week should now move their SL to the level of 1.,3045 and leave TP still open.

The material has been provided by InstaForex Company - www.instaforex.com

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