FX.co ★ Technical analysis of USD/CAD for April 17, 2014

General overview for 17/04/2014 10:00 CET

The corrective count has been slightly changed as the price made one more swing to the upside after yesterday's news release. The top of the wave A green has been moved higher, just above the 78%Fibo at the level of 1.1023. Currently, the wave development suggests more downside progression in corrective wave B green (for more complex wave X black) or straight impulsive wave development to the downside (if the top for wave X black is in place as an alternate count). The key level for the count is the demand zone between the levels of 1.0937 - 1.0942. If this area is broken, then the red trendline will be tested. Break of this trendline is the final confirmation that's the top for wave X black is in place.

Support/Resistance:

1.1032 - Swing High

1.1020 - Intraday Resistance

1.0995 - Intraday Support

1.0955 - Weekly Pivot

1.0937 - 1.0942 - Demand Zone

Trading recommendations:

Sell orders should be opened from the current market levels with Sl above the level of 1.1033 and TP at the level of 1.0942.