Technical analysis of USD/CAD for September 7, 2015 Market Analysis Review

General overview for 07/09/2015 09:00 CET

The market keeps trading just above the weekly pivot at the level of 1.3238 in a tight consolidation zone. Please notice, that the current price action might suggest a possible triangle pattern in progress, where wave abc and d are currently done and wave e to the downside is still missed.

Support/Resistnace:

1.3359 - WR1

1.3352 - Swing High

1.3326 - Intraday Resistance (strong)

1.3288 - Intraday Resistance (weak)

1.3237 - Weekly Pivot

1.3148 - WS1

1.3136 - Intraday Support (weak)

1.3115 - Intraday Support (strong)

Trading recommendations:

Daytraders should refrain from trading and wait for more clear pattern to occur. Swingtraders should close their long-term buy orders and wait for a further confirmation of a higher-degree corrective cycle.

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