Technical analysis of USD/CAD for July 18, 2016

General overview for 18/07/2016:
The wave progression is evolving towards a more complex and time-consuming pattern that looks choppy, full of whipsaws and false breakouts. It is still quite unclear whether the current downside wave pattern has been completed or not as none of the key levels has been clearly violated. To continue to the upside, the price would have to break out above the golden trend line and weekly pivot around the level of 1.2972. On the other hand, any violation of the intraday support at the level of 1.2860 will result in an immediate test of the next support at the level of 1.2829.

Support/Resistance:
1.2087 - WS1
1.2860 - Intraday Support
1.2972 - Weekly Pivot
1.2987 - Intraday Resistance
1.3085 - WR1
1.3138 - Local High

Trading recommendations:
Due to the unclear outlook, investors should refrain from trading and wait for a better trading setup to occur shortly.

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