FX.co ★ Technical analysis of USD/CAD for Febuary 25, 2014

General overview for 25/02/2014 08:40 CET

The overall impulsive wave development in wave (iii) blue has not been finished yet and there are some missing waves to the downside so more decline is being expected here. First the market must finish the wave (iii) blue impulsive progression as there is one sub-wave to the downside needed and then corrective wave (iv) might start to develop. The key level is still the 61%Fibo at the level of 1.1016 and any breakout lower is even more bearish.

Support/Resistance:

1.1192 - Wave 2 green high

1.1089 - Intraday resistance

1.1075 - Weekly pivot

1.1053 - Intraday support

1.1016 - 61%Fibo

1.0968 - 78%Fibo

1.0958 - WS1

Trading recommendations:

Sell stop orders should be opened from current market price levels with SL above the level of 1.1089 and TP at the level of 1.1016 and 1.0968.