FX.co ★ Technical analysis of USD/CAD for Febuary 12, 2014

General overview for 12/02/2014 09:00 CET:

Complex corrective structure looks finished and impulsive wave development can be noticed from the level of 1.1090. This progression has not been finished yet and there is two more wave needed to complete the cycle. The nearest resistance is at the level of 1.1001 and the target for wave  5 red is at the level of 1.0955. When this impulsive cycle is finished the correction to the upside is anticipated that can not violate weekly pivot level or golden trend line resistance.

Support/Resistance:

1.1042 - Weekly Pivot

1.1001 - Intraday Resistance

1.0965 - Technical Support

1.0955 - WS1

Trading recommendations:

As long as intraday resistance holds short positions should be opened with SL above the level of 1.1001 and TP at the level of 1.0955.