Technical analysis of USD/CAD for September 20, 2016

General overview for 20/09/2016:

Not much has changed since yesterday as the market is still trading inside the congestion zone that starts to evolve into a triangle pattern. The intraday count still suggests a deeper decline towards the level of 1.3030 and then a possible rebound higher. The intraday resistance at the level of 1.3252 is still the key level for bulls and any break higher will immediately invalidate current wave developments.

Support/Resistance:

1.3252 - Intraday Resistance

1.3178 - Weekly Pivot

1.3124 - Intraday Support

1.3106 - WS1

1.3030 - Technical Support

1.2962 - WS2

Trading recommendations:

Day traders should consider opening sell orders from current price levels with SL just above the level of 1.3253 and TP at the level of 1.3030.

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

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