FX.co ★ Technical analysis of USD/CAD for May 15, 2014

General overview for 15/05/2014 08:20 CET

The golden trendline has capped the upward rally so far and marked failed at the supply zone and reversed. To continue the downside wave progression, the price can not go above the key level of intraday resistance at the level of 1.0887. Any breakout higher would mean the golden trendline and weekly pivot at the level of 1.0898 might be tested again. Anyway, downside targets are the technical support at the level of 1.0834 and weekly pivot support at the level of 1.0809.

Support/Resistance:

1.0809 - WS1

1.0834 - Technical Support

1.0862 - Intraday Support

1.0887 - Intraday Resistance | Key Level |

1.0898 - Weekly Pivot

Trading recommendations:

Daytraders should open sell limit positions  from the level of 1.0887 with SL above the level of 1.0903 and TP at the level of 1.0834.

Swing traders should still keep the running short positions as lower prices are still expected.