FX.co ★ USD/CAD H1 analysis for October 18, 2013

General overview for 18/10/2013 12:00 CET

The level of 1.0277 that is 127% Fibo Extension has been missed by 2 pips so far, but the bounce from the level has not been dramaticly meaningfull.

The overall wave progression from the 1.0391 high might be counted as WXY mixed downward correction. I still have a trouble to label this leg down as an impusive wave because there is too many overlaping sub-waves in it.

The downside momentum is decreasing and it is shown on AO oscilator and a possible Bullish Divergence may occur. This is another possibility enhancing rather more temporary bullish bias.

The key level to the upside is 1.0299 and 1.0315.

Support/Resistance:

1.0273 - Techncial support

1.0277 - 127%FiboExt

1.0299 - Intraday resistance

1.0301 - WS1

1.0312 - Intraday resistance

1.0330 - Technical resistance

Trading recommnendations:

For intraday scalps only: long positions from technical support level at 1.0273 with tigh SL and potential TP at 1.0299.