Technical analysis of USD/CAD for July 20, 2015 Market Analysis Review

General overview for 20/07/2015 11:30 CET

As anticipated last week, the uncompleted impulsive wave progression to the upside is still in progress. There are two counts here: a main count and an alternative one. Both counts signal that the price can move upwards. According to the main count, the market has just completed the first wave of the bigger wave 3 black and is expected to go higher soon. The alternative count suggests a possibility, similar to the wave alt, that iv green is currently in progress and the market is likely to move higher soon. The first weekly technical target for both counts is seen at the level of 1.3072. Only a sustained breakout below the technical support at 1.2804 would invalidate the bullish scenario.

Support/Resistance:

1.3072 - WR3

1.3022 - WR2

1.3006 - WR1

1.2955 - Weekly Pivot

1.2947 - Intraday Support

1.2932 - WS1

1.2890 - WS2

1.2862 - WS3

1.2804 - Technical Support

Trading recommendations:

Buying on dips is the way to trade on this market and daytraders should consider opening sell orders only if the level of 1.2947 is clearly violated ( hourly candle close below this level).

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

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