FX.co ★ USD/CAD H1 analysys for November 14, 2013

General overview for 14/11/2013 09:30 CET

The main count has been invalidated and now the alternate count is in play.

This count indicates that wave X brown top is in place at 1.0506 and now some continuation to the downside should develop.

Wave a green is in place already and it had bottomed at 1.0438. Currecntly, the price is correcting that down move and I expect the golden descending trend line OR one of inraday resistance levels will hold.

Moreover, there is a new alternate count that indicates wave B green low at 1.0395 and the current price progression would be a continuation to the upside in wave C green. New highs confirms the alternate count. New low - invalidates it.

Support/Resistance:

1.0506 - Swing High

1.0494 - Intraday Resistance

1.0480 - 61%Fibo

1.0474 - Intraday Resistance

1.0466 - Weekly Pivot

1.0438 - 1.0444 - DEMAND ZONE

1.0438 - Swing Low

Trading recommendations:

For intraday scalps, the golden trend line rejection should be in play with entry at 1.0480 and SL above 1.0495 with potential TP at1.0444.