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Technical analysis of USD/CAD for August 2, 2016

General overview for 02/08/2016:

The three wave decline towards the level of 1.3000 had been labeled as wave a green, which means more sideways price action in wave b is being expected.Currently, the market tests the dashed blue trend line from above and if the temporary top for the wave b is in place, then the price should head lower towards the intraday support at the level of 1.03075.

Support/Resistance:

1.3251 - Wave Y Top

1.3190 - Intraday Resistnace

1.3160 - WR1

1.3081 - Weekly Pivot

1.3075 - Intraday Support

1.3000 - Intraday Support

1.2910 - WS1

Trading recommendations:

All sell orders from last week had been closed with profit. Currently the traders should refrain from trading and wait for a better trading setup to occur shortly. Sideways market is being expected for some time.

analytics57a0292d2d507.jpg

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