FX.co ★ Technical analysis of USD/CAD for April 30, 2014

General Overview for 30/04/2014 16:50 CET

The trading range has been finally broken to the downside and first three impulsive waves have been completed. Currently, the market is in corrective cycle and there is one more wave to the downside missing to complete the progression. The key resistance is at the level of 1.0983 and this level provides a good opportunity to open a short trade.

Support/Resistance:

1.1031 - Weekly Pivot

1.1011 - WS1

1.0983 - Intraday Resistance

1.0979 - WS2

1.0954 - WS3

1.0949 - Intraday Support

1.0937 - 1.0941 - Demand Zone

Trading recommendations:

Short positions should be opened from the current price levels with SL above the level of 1.0988 and TP at the level of 1.0900.