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Daily technical analysis of USD/CAD By INSTAFOREX

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  #1  
Old 23-05-2015, 12:53
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Default Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The corrective cycle is developing as anticipated at the beginning of the week, but the overall bias is still bullish as there are unfinished impulsive waves to the upside. Please notice that the main count indicates a possible triangle pattern in wave 4 blue that looks completed. That would mean any breakout higher above the green trendline will be considered as a bullish impulsive continuation to the upside with new highs in view. On the other hand, any breakout below the intraday support at the level of 1.2167 will favor alternate count that is now a part of uncompleted irregular flat corrective cycle. The target for that corrective pattern lies at the level of 1.2127.

Trading recommendations:
As long as the level of 1.2167 is providing the support, daytraders should, consider opening buy orders from the current levels with SL just below the level of 1.2166 and TP at the level of 1.2235, with a possible extension higher up to the level of 1.2256 and beyond.




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  #2  
Old 26-05-2015, 22:52
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
Yesterday's slow and time-consuming up move had been labeled as wave b purple of the overall corrective cycle that should develop even more to the downside. If this labeling is correct, the intraday support at the level of 1.2275 will be tested soon and violated together with technical support at the level of 1.2256. Please notice the bearish divergence is supporting our view for a corrective cycle to develop to the downside.

Trading recommendations:
Daytraders should still consider opening sell orders as close to the level of 1.2320 as possible with a very tight SL ( 20-30 pips) and set TP orders at the level of 1.2256 with a possible extension downward to the level of 1.2234.




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  #3  
Old 27-05-2015, 21:06
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The count has been slightly adjusted to incorporate an extended wave 5 blue to the upside that contributes to the overall impulsive wave progression and might end at the level of 1.2447. Currently, the market is likely to be ready to make some minor internal corrective cycle labeled on the chart as wave 2 blue. But this cycle might get complex. Grey area is the possible reversal zone for the wave a purple as a part of the corrective cycle. The projected target for the whole corrective structure is at the level of 1.2321.

Trading recommendations:
Daytraders should consider opening buy orders if the price gets to the grey rectangle zone with SL just below the grey rectangle. Please notice that trading inside of a corrective cycle might get choppy and full of fake breakouts. So, we advise to wait for the corrective cycle to complete and then open buy orders.




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  #4  
Old 28-05-2015, 21:20
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
Diminishing momentum in this market shows that the recent up leg to the level of 1.2491 is just a part of a corrective cycle wave b purple and the market should continue to move lower in leg c purple soon. Two possible target levels for this sub-wave were projected on the intraday chart: one is a zone between the levels of 1.2356 - 1.2375 and the other is support at the level of 1.2321. Please notice the corrective cycle in wave 2 blue might get more complex and time-consuming than a simple abc irregular corrective cycle.

Trading recommendations:
Daytraders should consider opening sell orders only is the intraday support at the level of 1.2359 is violated. The SL orders should be placed very tight (20-30 pips) and TP orders should be placed at the level of 1.2321.



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  #5  
Old 29-05-2015, 13:13
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
Diminishing momentum in this market shows that the recent up leg to the level of 1.2491 is just a part of a corrective cycle wave b purple and the market should continue to move lower in leg c purple soon. Two possible target levels for this sub-wave were projected on the intraday chart: one is a zone between the levels of 1.2356 - 1.2375 and the other is support at the level of 1.2321. Please notice the corrective cycle in wave 2 blue might get more complex and time-consuming than a simple abc irregular corrective cycle.

Trading recommendations:
Daytraders should consider opening sell orders only is the intraday support at the level of 1.2359 is violated. The SL orders should be placed very tight (20-30 pips) and TP orders should be placed at the level of 1.2321.




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  #6  
Old 30-05-2015, 19:06
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

Technical summary:
The rally of a low of 133.07 continues to unfold impulsively. In the short term, we will ideally see minor support at 135.43 protecting the downside for a continuation higher to 136.50 and even 137.17 before a correction of the first impulsive cycle, which is expected. Even if the minor support at 135.43 gets broken, back-up support is found just below at 135.11, which should be able to protect the downside for the next move higher.

Trading recommendation:
We are long EUR from 134.20. Will move our stop higher to 134.65. If you are not long EUR yet, then buy near 135.43 with the same stop at 134.65. Take profit should be placed at 137.00 in both cases




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  #7  
Old 03-06-2015, 07:58
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The anticipated wave c purple to the downside has finally materialized and the first leg of the corrective cycle in wave 2 blue looks completed. Currently, there is still a possibility that the market will be in the corrective cycle for some time as correction might get more complex and time-consuming. The long-term bias is still bullish.

Trading recommendations:
The projected TP targets from yesterday has been met. Now, it is better to stay aside and wait for the corrective cycle to complete. Buying on dips during the corrective cycle is the way to trade on this market at the moment.




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  #8  
Old 04-06-2015, 21:04
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
After testing the internal golden trendline, the market returned back in the consolidation area to continue the corrective cycle. The wave (a) blue had been completed and now wave (b) blue is in progress with the projected target at the level of 1.2508. Please notice that there is still one more wave to the downside missing, wave (c) blue, to complete the corrective cycle. The first target for this wave is at the level of 1.2322. In the larger time frames, the bias is still bullish.

Trading recommendations:
It is better to stay aside and wait for the corrective cycle to complete. Buying on dips during the corrective cycle is the way to trade on this market at the moment.




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  #9  
Old 05-06-2015, 08:28
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview for 05/06/2015 08:40 CET
There was not much movement in this pair during last 24h as the market was awaiting the NFP numbers. Nevertheless, The current key level is the intraday resistance at 1.2508 as any breakout higher will lead to a test at 1.2561. On the other hand, a breakout below the golden trendline will lead to wave (c) blue development with targets at the levels of 1.2409 and 1.2322.

Trading recommendations:
It is better to stay aside and wait for the corrective cycle to complete. Buying on dips during the corrective cycle is the way to trade on this market at the moment. Nevertheless, aggressive scalpers might consider to open sell orders from current price levels with very tight SL (10-15 pips) and TP at the level of 1.2460 for quick profits.




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  #10  
Old 08-06-2015, 09:30
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview for 08/06/2015 08:45 CET
A top for wave (b) blue has been made. Now, there is another corrective sub-cycle to the downside needed to complete the overall wave 2 blue. A target for this wave is at the level of 1.2342, just at the first weekly pivot support. Please notice that the longer-term bias remains bullish, but the corrective cycle in wave 2 blue might be complex and time-consuming.

Trading recommendations:
It is better to stay aside and wait for the corrective cycle to complete. Buying on dips during the corrective cycle is the way to trade on this market at the moment. Nevertheless, aggressive scalpers might consider to open sell orders from current price levels with SL above the level of 1.2471 and TP at the level of 1.2342.




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  #11  
Old 12-06-2015, 17:35
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The price has retraced up to the level of the previous wave four of the lesser degree, which means the impulsive green count is still valid and the market should still make one more wave to the downside to complete the cycle. The first confirmation of this scenario comes with a breakout at the level of 1.2269 . Please notice the wave (iv) green might get more complex and time-consuming.

Trading recommendations:
The sell orders from the level of 1.2306 advised yesterday should be still kept open, with SL placed above the level of 1.2351 and TP at the level of 1.2200.




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  #12  
Old 17-06-2015, 18:56
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The market has confirmed that the triangle formation is still in progress and the last sub-wave e green is needed to complete the pattern. For the whole week the market has been trading around the weekly pivot at the level of 1.2326 under rather choppy trade conditions ( typical for a triangle pattern). So, it looks like the market is waiting for today's FOMC meeting to continue the impulsive progression downwards. Please notice that only a sustained violation of the level of 1.2434 would invalidate the view.

Trading recommendations:
Daytraders should consider opening sell orders from the level of 1.2344 with SL above the level of 1.2365 and TP at the level of 1.2267 with possible extension downwards to the level of 1.2200.




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  #13  
Old 19-06-2015, 18:26
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The wave (v) green to the downside looks completed. The whole corrective structure labeled as the wave 2 blue might be finished in this case. To confirm this scenario, the market must break out above the intraday resistance at the level of 1.2268 and head for a weekly pivot again. Any failure at the resistance level would mean that lows of the wave (c) blue might be tested again.

Trading recommendations:
All sell orders should be closed with profit now and traders should wait for the market reaction at the level of 1.2268. Any breakout higher is the first bullish clue. So, only buy orders should be opened with SL below the level of 1.2200.




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  #14  
Old 22-06-2015, 21:17
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The golden trendline is acting as a dynamic resistance now and any breakout higher above the intraday resistance at the level of 1.2295 is the first sign of a bullish trend continuation to the upside. On the other hand, please notice that any violation of the intraday support at the level of 1.2248 might lead even to the recent local swing low test at the level of 1.2128. Nevertheless, the bias is still bullish as there is unfinished impulsive wave progression to the upside.

Trading recommendations:
Daytraders should consider opening buy orders from current price levels with SL below the level of 1.2248 and TP at the level of 1.2253 with a possible extension upwards to the level of 1.2382 later in the day.




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  #15  
Old 24-06-2015, 22:23
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
After reaching yesterday's target at 1.2382, the market sharply declined and is not trying to bounce from 61%Fibo level of the previous wave up (wave i? black). The current labeling indicates an impulsive wave progression to the upside and as long as the level of 1.2216 ( wave -ii-? black low) is not violated, the impulsive count is valid. In any case, the next possible scenario indicates a more complex and time-consuming corrective cycle in big wave B blue. Nevertheless, the bias is still bullish as long as the level of 1.2216 is not violated.

Trading recommendations:
Daytraders should consider opening buy orders from current price levels with SL below the level of 1.2216 and TP at the level of 1.2382 with possible upward extension.




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  #16  
Old 26-06-2015, 20:52
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The impulsive wave progression to the upside is still on track, but there is another scenario suggesting a possible development of a zig-zag wave as a part of wave B blue. Please notice that the low at the level of 1.2128 was labeled as wave 2 or A. That is why, the current wave up has the alternative labeling of unfinished wave WXY brown. In that case, any new high in this market supports the main count (impulsive (i)-(ii), i-ii etc) and any new low below the level of 1.2275 supports the alternative wave B blue scenario.

Trading recommendations:
Buy orders should be kept open and the SL level should be moved higher to the level of 1.2274.




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  #17  
Old 30-06-2015, 22:56
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The newest labeling had been slightly changed to incorporate the main impulsive count as s series of 1-2, (i)-(ii) wave progression and the alternative labeling of wave B blue: a double zig-zag pattern labeled as WXY brown. The current range is labeled as a part of a corrective cycle in wave ii blue or a part of wave XX. That would mean there is still a possibility for a double zig-zag to evolve into a triple zig-zag pattern as long as the level of 1.2215 is not violated. Please notice the near-term and longer-term outlook is still bullish.

Trading recommendations:
Daytraders should still refrain from trading and wait for the important levels to be tested first: the intraday resistance is seen at the level of 1.2420 and intraday support is expected at the level of 1.2275.




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  #18  
Old 02-07-2015, 20:58
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The current count has been slightly changed as the previous alternative count had been invalidated due to longer-than-expected upward move in wave Z brown. Upgraded count is still bullish and its labeling includes two possible wave counts. Both counts are impulsive in fashion. Nevertheless, the current cycle looks like a beginning of a corrective cycle in wave 4 black and the suggested shape of this corrective cycle is a triangle. Please notice the black impulsive count invalidation line is at the level of 1.2421. S,o as long as this level is not violated, the bias remains bullish.

Trading recommendations:
Daytraders should exit their long positions and consider refraining from trading until the corrective cycle is finished.




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  #19  
Old 06-07-2015, 20:26
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview:
An impulsive bullish count to the upside might be completed as all five waves are currently presented on the chart. On the other hand, as long as there is no new high above the intraday resistance at the level of 1.2631, the sideways structure might be considered a part of a corrective wave 4. Only a sustained breakout below the intraday support at the level of 1.2436 would invalidate the immediate bullish outlook and made the corrective cycle more complex and time-consuming.

Trading recommendations:
Swingtraders should still keep their open buy orders with SL moved higher to the level of 1.2536. The bias is still bullish, however the corrective cycle can take place any time now.




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  #20  
Old 08-07-2015, 15:43
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
As anticipated yesterday, the level of 1.2773 was hit and now the full five wave progression to the upside is completed. On the other hand, the alternative count shows another wave up possibility, but currently this count is in corrective cycle as well. The target for the wave c purple is at the intraday support at the level of 1.2674, but any breakout lower might move the support to the level of 1.2632. Please notice that the high for the wave 5 black is at the level of 1.2778 and any impulsive violation of this level might lead to another bullish progression to the upside.

Trading recommendations:
Daytraders should consider closing the buy orders (TP from yesterday was hit) and wait for a further price action to develop. Please notice the bias is still bullish in the near term.




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  #21  
Old 10-07-2015, 15:35
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The corrective cycle is developing as anticipated with the last sub-wave down in progress now. The first support comes at the level of 1.2674 and the next one at the level of 1.2631. Please notice the corrective cycle might extend its drop as low as the weekly pivot at the level of 1.2536. Nevertheless, the near-term bias is still bullish.

Trading recommendations:
Daytraders should consider opening sell orders only if the level of 1.2674 is violated ( H1 candle close below this level) with SL above the level of 1.2741 and TP at the level of 1.2631.




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  #22  
Old 14-07-2015, 19:10
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
As anticipated yesterday, the bullish triangle breakout is now in progress. The first three waves of the impulsive wave progression has been made and there are still two more to come. The first target is at the level of 1.2897. Please notice that any breakout below the intraday support at the level of 1.2725 would invalidate the recent impulsive count and the corrective cycle would evolve to more complex and time-consuming one.

Trading recommendations:
The buy orders from yesterday should be still kept open; nevertheless, daytraders should consider opening more buy orders for intraday scalp if the level of 1.2805 is clearly violated (hourly candle close below this level), with SL just below the level of 1.2775 and TP at the level of 1.2897.




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  #23  
Old 16-07-2015, 20:30
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
As anticipated yesterday, another impulsive wave had developed to complete the upside cycle. Both counts indicate the possibility of a larger corrective cycle now as all five waves are being almost completed. The intraday traders should pay attention to the level of 1.2886 because any breakout lower will lead to immediate support test at the level of 1.2803.

Trading recommendations:
Daytraders should close the buy orders remained from yesterday and wait for the corrective cycle to complete.




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  #24  
Old 20-07-2015, 15:59
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
As anticipated last week, the uncompleted impulsive wave progression to the upside is still in progress. There are two counts here: a main count and an alternative one. Both counts signal that the price can move upwards. According to the main count, the market has just completed the first wave of the bigger wave 3 black and is expected to go higher soon. The alternative count suggests a possibility, similar to the wave alt, that iv green is currently in progress and the market is likely to move higher soon. The first weekly technical target for both counts is seen at the level of 1.3072. Only a sustained breakout below the technical support at 1.2804 would invalidate the bullish scenario.

Trading recommendations:
Buying on dips is the way to trade on this market and daytraders should consider opening sell orders only if the level of 1.2947 is clearly violated ( hourly candle close below this level).




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  #25  
Old 21-07-2015, 18:49
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
As mentioned yesterday, the sideways corrective cycle will continue for some time now in wave 2 black or wave alt: iv green. Nevertheless, it is still a correction that has tested the golden trendline from the downside and got rejected right on the level of 1.3022. Please notice the market is trading in a tight range, but a breakout to the upside is expected to complete the impulsive wave progression. The first weekly technical target for both counts is seen at the level of 1.3072. Only a sustained breakout below the technical support at 1.2804 would invalidate the bullish scenario.

Trading recommendations:
Buying on dips is the way to trade on this market and daytraders should consider opening sell orders only if the level of 1.2947 is clearly violated ( hourly candle close below this level).




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  #26  
Old 27-07-2015, 15:13
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The impulsive wave progression to the upside had been completed according to the main count, and it looks like the market is in corrective cycle currently. The last move higher was in a clear three waves. So, the correction might be more complex and time-consuming. Any breakout below the weekly pivot support at the level of 1.2947 will confirm this view and alternative count will be in play.

Trading recommendations:
All TP targets for buy orders from last week has been hit. Currently the market is consolidating the gains and daytraders should wait for more clear pattern to appear.




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  #27  
Old 28-07-2015, 12:00
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The corrective cycle is still developing as the b green and c green waves are needed to complete the correction. The market is very range-bounded, but is trading above the weekly pivot and inside the bullish zone. Nevertheless, the downside breakout is expected in order to complete the c green wave. The first support comes at the level of 1.2947, but it might get easy violated.

Trading recommendations:
Currently, the market is consolidating the gains inside the bullish zone and daytraders should wait for a clearer pattern to appear or for the corrective cycle to get complete.




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  #28  
Old 29-07-2015, 12:43
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
Because the alternative count on the hourly chart looks more convenient now, let's take a look at this count on the H4 chart. A 6-year high at the level of 1.3055 had been violated and the market reached a new high. Nevertheless, with this Elliott wave labeling we can clearly see that there is one more wave up missed - wave 5 black of wave 5 green. The dynamic regression channel confirms this view as it is still pointing upwards. Please remember that the count on the hourly chart (main count) is even more bullish than this one, so we can not rule out more appreciations of US dollar.

Trading recommendations:
Daytraders should consider opening buy orders only if the level of 1.2978 is violated with SL below the level of 1.2910 and TP at the level of 1.3026 with a possible upside extension.




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  #29  
Old 04-08-2015, 15:32
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The upward wave progression did not hit the projected target level yet, but the move is still possible. The intraday support at the level of 1.3110 is the key level to the upside, because any breakout lower would expose the weekly pivot at the level of 1.3031 to test.

Trading recommendations:
Swingtraders should consider closing all mid-term and long-term buy orders as the upward cycle might be topping soon. Please wait for another buy opportunity to come when the downward corrective cycle is completed.




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  #30  
Old 05-08-2015, 17:45
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
As anticipated yesterday, the level of 1.3204 was hit and the whole impulsive structure looks completed. There is, however, a possibility of minor internal progression to the upside to complete the sub-wave v blue, but both counts are pointing out that the mid-term top might be in place. To confirm this scenario, the market need to breakout below the intraday support at the level of 1.3110 in impulsive way and head towards the weekly pivot point at 1.3031.

Trading recommendations:
Swingtraders should consider closing all mid-term and long-term buy orders as the upward cycle might be topping soon. Please wait for another buy opportunity to come when the downward corrective cycle is completed.




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  #31  
Old 06-08-2015, 19:53
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
An alternative count is currently seen. The market does not want to breakout higher above the level of 1.3213. This would mean the top for the wave B blue might be in place if the invalidation line at the level of 1.3095 is violated before any new high is reached. As the result, the alternative labeling will become the main count of ABC blue irregular flat correction with wave C blue to the downside, which is yet to be developed.

Trading recommendations:
Daytraders should consider that the level of 1.3095 can be violated with tight SL (15-20 pips) and TP at the level of 1.3031.
Swingtraders should consider closing all mid-term and long-term buy orders as the upward cycle might be concluded soon. Please wait for another buy opportunity to come when the downward corrective cycle is completed.




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  #32  
Old 07-08-2015, 12:59
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The impulsive blue count looks invalidated due to wave i blue and wave iv blue overlaps. This would mean an alternative count is in play now. The first confirmation that the wave B blue top is at the level of 1.3213 comes with a breakout of the intraday support at the level of 1.3097. Any new high above the level of 1.3213 invalidates this view.

Trading recommendations:
Daytraders should consider that the level of 1.3097 can be violated with tight SL (15-20 pips) and TP at the level of 1.3031. Swingtraders should consider closing all mid-term and long-term buy orders as the upward cycle might be concluded soon. Please wait for another buy opportunity to come when the downward corrective cycle is completed.




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  #33  
Old 11-08-2015, 18:55
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The ending diagonal wave (v) green expected since yesterday is still possible to occur, however the market starts to indicate more clearly a possible near - term top. Regardless of the wave 1 blue top placement (that has not been fully confirmed yet), the market is trading below the weekly pivot at the level of 1.3130. Any further deterioration towards the level of 1.2858 would mean the wave development favors wave C blue to the downside to be made as a final corrective wave.

Trading recommendations:
Daytraders should refrain from trading until a clear pattern appears or the corrective cycle is completed. A possible top is in place.




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  #34  
Old 12-08-2015, 21:13
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The current price action inside the neutral zone looks like a typical market behavior during the topping process. This scenario is currently being supported by the Elliott wave count that indicates a possible top for the wave 1 blue. Nevertheless, the further clues will come only if the market breakout below the intraday support at the level of 1.2991 takes place. The golden trendline is currently the key dynamic resistance and only a breakout higher would invalidate the topping scenario.

Trading recommendations:
Daytraders should refrain from trading until a clear pattern appears or the corrective cycle is completed. A possible top is in place




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  #35  
Old 13-08-2015, 20:46
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview for
The corrective cycle continues in this pair after the top of the wave 1 blue at the level of 1.3211. This corrective structure might evolve into a more complex and time-consuming pattern and the current abc green cycle to the downside might be just a part of some higher-degree corrective cycle.

Trading recommendations:
Daytraders should consider opening sell orders from the level of 1.3092 with tight SL (10-20 pips) and TP at the level of 1.3000




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  #36  
Old 14-08-2015, 20:11
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The intraday resistance at the level of 1.3092 is the most important level for today as the corrective structure might get more impulsive in its last cycle if this level is broken. Nevertheless, the golden trendline is still providing the dynamic resistance and the market looks like it is in a distribution phase. Any failure to break out higher will put more emphasis on bearish wave development, especially if the intraday support at the level of 1.2951 is violated.

Trading recommendations:
Daytraders still should consider opening sell orders from the level of 1.3092 with tight SL (10-20 pips) and TP at the level of 1.3000





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  #37  
Old 18-08-2015, 18:10
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The 1-1 geometry between the waves a and c purple has been missed by 3 pips, nevertheless the corrective cycle in wave a green (alt:X brown) has been completed. Currently the corrective cycle in wave b green (alt:Y brown) continues. The key level for today is the intraday resistance at the level of 1.3156. Any breakout higher would be viewed as temporary bullish

Trading recommendations:
Daytraders should consider opening sell orders from the level of 1.3156 with tight SL (10-15 pips) and TP at the level of 1.3100




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  #38  
Old 19-08-2015, 18:15
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The three sub-wave corrective cycles to the downside are almost completed as wave c purple is about to hit support at the level of 1.3015. Nevertheless, the overall corrective cycle has not been completed yet as we are expecting another push lower, just below the last wave W brown at the level of 1.2951. The market is still trading inside the neutral/range zone between the levels of 1.2858 - 1.3211. Only a clear impulsive breakout above/below one of this levels would change the current scenario

Trading recommendations:
Yesterday's sell zone level has not been hit ( high was 1.3124), but the general direction was correct. Currently, daytraders should wait for a better opportunity to occur after corrective sub-cycle is completed




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  #39  
Old 20-08-2015, 18:15
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
As indicated yesterday, the wave c purple was terminated just at the golden trend line support. Another wave up, labeled as wave c green, is currently in progress. This corrective cycle is getting more and more complex and time-consuming. So it is very possible that market is trying to complete a big triangle pattern which is very typical for wave four.

Trading recommendations:
Currently, daytraders should wait for a better opportunity to occur after corrective sub-cycle is completed. Trading inside of the potential triangle structure is tricky and full of whipsaws and fake breakouts




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  #40  
Old 21-08-2015, 21:57
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Default Re: Daily technical analysis of USD/CAD By INSTAFOREX

General overview
The corrective cycle labeled as wave X brown looks now completed and market might be ready to start the next wave down in order to complete the cycle. The most important level for today is the golden trendline dynamic resistance around the level of 1.3057. Any breakout below this level directly exposes the intraday support at the level of 1.3015 for test. On the other hand, any violation of the intraday resistance at the level of 1.3175 invalidates the bearish outlook

Trading recommendations:
Daytraders should consider opening a sell orders from current market levels with SL above the level of 1.3175 and TP at the level of 1.3015




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