FX.co ★ Technical analysis of USD/CAD for May 6, 2014

General overview for 06/05/2014 07:20 CET

The correction has finished sooner than expected but the low of the wave (i) green has not been broken yet. Nevertheless, the current wave progression is bearish and I would expect more downside here to come as long as the golden trendline holds.

Support/Resistance:

1.1052 - Swing High

1.1026 - WR1 | 78%Fibo |

1.1007 - Key Level |61%Fibo|

1.0989 - Intraday Resistance

1.0980 - Weekly Pivot

1.0947 - Intraday Support

1.0935 - 1.0942 - Demand Zone

1.0923 - WS1

Trading recommendations:

Sell stop levels from yesterday's recommendation has not been hit, but again any breakout to the upside should be sold into. The good level for opening the sell limit orders is at the level of 1.0980 with SL above the level of 1.1010 and TP at the level of 1.0923 with a possible downside extension.