FX.co ★ Technical analysis of USD/CAD for April 4, 2014

General overview for 04/04/2014 11:05 CET

There is not much of a movement in this pair as traders are waiting for the NFP data. The market is still range bound, but there is a building bullish divergence on momentum oscillator so the upside breakout might be strong.

Support/Resistance:

1.0975 - Technical Support

1.1000 - Intraday Support

1.1076 - Intraday Resistance

1.1090 - Weekly Pivot

1.1104 - 1.1121 - Technical Resistance

1.1182 - WR1

Trading recommendations:

-for a downside breakout - Sell stop orders should be opened from the level of 1.0999 with SL above the level of 1.1040 and TP at the level of 1.0936 with a possible downside extension.

-for an upside breakout - Buy stop orders should be opened from the level of 1.1151 with SL below the level of 1.1000 and TP at the level of 1.1104 with a possible upside extension to the levels of 1.1121 and 1.1182.