FX.co ★ Technical analysis of USD/CAD for June 13, 2014

General overview for 13/06/2014 08:40 CET

Another marginal low has been made yesterday but the outlook has not been changed for this pair: still one more wave to the upside is missing on the larger time frames and possibly the upward movement might start from here. As I has mentioned before, the impulsive breakout from the golden channel to the upside is needed to confirm the beginning of the wave (iii) green of the irregular flat correction. Otherwise, the market might once again test the technical support zone at the level of 1.0821.

Support/Resistance:

1.0821 - Technical Support

1.0841 - Intraday Support

1.0868 - WS1

1.0888 - Intraday Resistance

Trading recommendations:

Daytraders and swing traders should consider opening buy positions from the level of 1.0870, with SL below the level of 1.0840 and TP at the level of 1.0888 with possible extensions above last swing high next week. First level to add to winning positions is at the level of 1.0905 breakout.