FX.co ★ Technical analysis of USD/CAD for Febuary 13, 2014

General overview for 13/02/2014 08:50 CET

The corrective cycle in wave 4 red looks like it has been finished and now breakout below the level of 1.0975 is needed to confirm that corrective cycle is over. The first target for wave 5 red is at the level of 1.0955 but the decline might extend much lower. On the other hand, any breakout above the golden trend line and the weekly pivot point is bullish with 1.1094 as the first target.

Support/Resistance:

1.1094 - Wave (ii) High

1.1042 - Weekly Pivot

1.1017 - Intraday Resistance

1.0975 - Intraday Support

1.0965 - Technical Support

1.0955 - WS1

1.0877 - WS2

Trading recommendations:

As long as the market trades below the level of 1.1017, short positions should be opened with SL above the level of 1.1018 and TP at the level of 1.0955.