FX.co ★ Technical analysis of USD/CAD for April 29, 2014

General overview for 29/04/2014 08:30 CET

The lack of the upside momentum and non-linear regression model downward slope direction supports my view about a very possible completion of this corrective wave up (labeled as X black). The current question is whether the market will make one more high into the level of 50%Fibo and then reverse, or it will break out the range to the downside immediately. Nevertheless, the next important support is at the level of 1.0941, and if broken, then the swing lows will be put to the test.

Support/Resistance:

1.1084 - WR2

1.1063 - WR1

1.1052 - Swing High

1.1032 - Weekly Pivot

1.1011- WS1

1.1000 - Technical Support

1.0979 - WS2

1.0941 - Key Support Level

Trading recommendations:

Refrain from trading on this pair for now as the correction has not been finished yet.