FX.co ★ USD/CAD H1 Analysis for September 13, 2013

General overview for 13/09/2013 10:00 CET

Not much of price development since yesterday and definitely it is not impulsive one. Moreover, it looks like corrective wave (iv) has not been finished yet and the price might be developing a triangle formation.

On the other hand, there is a possibility that the price has finished the whole impulsive declining stucture with wave (v) as a Ending Diagonal wave (v). It has been labeled as alternate blue count in the chart. Nevertheless, there is not much of convincing evidence that next price progression after the low is impulsive, so now the outlook is still bearish and more downside should be seen soon.

Support/Resistance:

1.0304 - Intraday Low

1.0312 - WS1

1.0333 - Intraday Support

1.0359 - 1.0365 - Intraday Supply

1.0378 - Technical Resistance | Green Triangle Line Resistance |

Trading recommendations:

Intraday scalps are preffered because there is no good R/R ratio now to risk a swing trade YET.

Channel breakout trade in the range between 1.0304 - 1.0365 should be played:

- downside breakout = scalp short

- upside breakout = scalp long