FX.co ★ Technical analysis of USD/CAD for July 25, 2016

General overview for 25/07/2016:

The current Elliott wave count was slightly changed to incorporate the latest developing. Currently, there are some indications that the top for the wave (b) might be in place and market should move lower in order to complete the wave (c). Nevertheless, as long as the golden trend line is now clearly violated and the intraday support at the level of 1.3056 is still providing support for bulls, the market might still be making another marginal highs.

Support/Resistance:

1.3255 - WR1

1.3185 - Intraday Resistance

1.3090 - Weekly Pivot

1.3056 - Intraday Support

1.2998 - WS1

1.2835 - WS2

Trading recommendations:

Traders should refrain from opening new positions until better trading setup occurs. The general bias however, is bearish.