FX.co ★ Technical analysis of USD/CAD for May 12, 2016

General overview for 12/05/2016:

The downward wave progression is developing as anticipated, but the corrective pattern evolves towards z triple zig-zag. The projected tag for the wave c termination is still at the level of 1.2758, right at the technical support. Please notice that the price is starting to diverge from the momentum oscillator, so the market is close to complete the overall corrective structure.

Support/Resistance:

1.3015 - Intraday Resistance

1.2830 - Intraday Support

1.2818 - Weekly Pivot

1.2785 - Intraday Support

1.2758 - Technical Support

1.2675 - WS1

Trading recommendations:

Sell orders from the beginning of the week should now move their SL to the level of 1.2870, but TP is still open for now (might extend to around 1.2758).