Technical analysis of USD/CAD for August 27, 2015 Market Analysis Review

General overview for 27/08/2015 10:00 CET

A three-wave decline in wave b purple might bounce from the navy trend-line around the level of 1.3211 and it is still possible to reach another high in this pair to complete the ending diagonal wave progression. To confirm this scenario the market must breakout above the intraday resistance at the level of 1.3352, otherwise the lower range will be tested again.

Support/Resistance:

1.3434 - Potential Wave -v- Target Projection

1.3352 - Intraday Resistance

1.3312 - WR2

1.3264 - WR1

1.3211 - Intraday Support (weak)

1.3144 - Weekly Pivot

1.3140 Intraday Support (strong)

Trading recommendations:

Daytraders should consider opening buy orders from the level of 1.3211, with SL below the level of 1.3200 and TP at the level of 1.3299.

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

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