FX.co ★ USD/CAD H1 analysis for September 24, 2013

General overview for 24/09/2013 09:00 CET

Not much has changed since yesterday as the price still stays in the range of 1.0273 - 1.0309.

First confirmation of major move is any breakout of the range:

- Upside breakout is possible if golden trend line is broken. If this happen, Technical Resistance at 1.0317 should be tested before price might spike to

SUPPLY ZONE area. This is a preferred scenario.

- Downside breakout is possible when Intraday Support at 1.0261 is broken. If this happen the level of WS1 at 1.0226 should be tested.

Please notice that the bias is to the upside, but to confirm this point of view, the price must break above 1.0317 level.

Support/Resistance:

1.0130 - WS2

1.0180 - Swing Low

1.0226 - WS2

1.0261 - Intraday Support

1.0279 - Weekly Pivot

1.0273 - 1.0309 - RANGE ZONE

1.0317 - Technical Resistance

1.0331- 1.0348 - SUPPLY ZONE.

Trading recommedations:

Intraday range breakout should be in play IF the breakout happens. Bias is to the upside so, Golden trend line breakout should be in play with tight SL and potential TP level at 1.0317 and even 1.0348 if breakout is strong and impulsive.