FX.co ★ USD/CAD H1 analysis for 13/08/2013

General overview for 13/08/2013 07:00 CET:

The price has stucked in consolidation mode between levels of 1.0273 - 1.0315 and is still trading below the Weekly Pivot level.

Small real bodies of the candles suggest a lack of trading activity during the night.

So far there isn't much of an impulsive bullish price action yet, but none of the invalidation levels hasn't been violeted, so patience is required now.

Bigger time frame wave development is still in favour of bullish wave progression, so bias is to the upside.

All yesterday's level are still valid and general outlook hasn't changed much since then.

Support/Resistance:

1.0244 -Swing Low

1.0267 - 88%Fibo

1.0273 - Intraday Low

1.0315 - Intraday High

1.0327 - Weekly Pivot

1.0347 - Technical Resistance

1.0380 - WR1

Trading recommendations:

Bias is still to the upside and long positions should be considered here with SL below the intraday low.