Technical analysis of USD/CAD for July 3, 2015 Market Analysis Review

General overview for 03/07/2015 13:25 CET

The top for the wave 3 seems to be in place now and the market started a corrective cycle to the downside. The first wave of the cycle has been made and now the top for the wave b purple is in progress. The target for wave b might be the intraday resistance at the level of 1.2580.

Support/Resistance:

1.2632 - Wave 3 Top

1.2616 - WR3

1.2580 - Intraday Resistance

1.2537 - WR2

1.2500 - Intraday Support

Trading recommendations:

Daytraders should consider opening sell orders from current market levels with SL above the level of 1.2581 and TP at the level of 1.2500.

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

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for July 3, 2015 . Thanks for your support.