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Technical analysis of USD/CAD for June 2, 2016

General overview for 02/06/2016:

Another sub-cycle inside of the wave i black might be counted as the impulsive wave ( labeled as the wave -i- ), so now the market should develop a corrective cycle in wave -ii- . Nevertheless, the top of the wave (i) at the level of 1.3190 still hasn't been violated. This kind of price action might suggest that the corrective cycle in wave ii is still not completed, and it might evolve into a more complex and time-consuming structure. The invalidation line for this cycle is still at the level of 1.2910. The final confirmation of the bullish impulsive wave development comes with a new high above the level of 1.3190.


1.3190 - Wave (i) High

1.3164 - WR1

1.3132 - Intraday Resistance

1.3035 - Weekly Pivot

1.2997 - Intraday Support

1.2888 - WS1

1.2836 - Green Impulsive Count Invalidation Level

1.2761 - WS2

Trading recommendations

All buy orders should be still kept open as the impulsive structure to the upside might still unfold anytime. Currently, the market is in the corrective cycle, so additional buy limit orders might be set within the buying zone between the levels of 1.3094 - 1.2997. The SL orders should be placed below the level of 1.2836


The material has been provided by InstaForex Company -