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Technical analysis of USD/CAD for September 6, 2016

General overview for 06/09/2016:

The five waves to the downside in the latest move have been completed. The next wave development should be wave b purple progression to the upside. Please notice, the golden trend line has been slightly violated, but it will still be providing dynamic support/resistance around the level of 1.2900 level. The clearly visible bullish divergence between the price and momentum oscillator supports the view.

Support/Resistance:

1.3191 - WR2

1.3147 - Technical Resistance

1.3069 - WR1

1.3025 - Weekly Pivot

1.2982 - Intraday Resistance

1.2903 - WS1

1.2859 - WS2

Trading recommendations:

The main part of the move down has been already done, so day traders should refrain from trading and wait for a better trading setup to occur shortly.

analytics57ce7d11c7609.jpg

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