FX.co ★ Technical analysis of USD/CAD for June 12, 2014

General overview for 12/06 2014 09:00 CET

The complex corrective cycle in wave (ii) green looks completed and the price should now start the upward wave progression. The first level of resistance is old WS1 at the level of 1.0868 and if this level is broken, then intraday resistance should be tested at the level of 1.0888. Please notice that the price is still moving inside of the golden corrective channel and only a breakout outside this channel will ignite more bullish momentum. Positive divergence on momentum oscillator supports the view.

Support/Resistance:

1.0857 - Intraday Support

1.0868 - WS1

1.0888 - Intraday Resistance

1.0903 - Technical Resistance

1.0914 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening buy orders from current price levels with SL below the level of 1.0855 and TP at the level of 1.0868 with a possible upside extension.