FX.co ★ Technical analysis of USD/CAD for July 3, 2014

General overview for 03/07/2014 09:10 CET

The impulsive wave progression has been completed and now this pair is in corrective cycle. The descending golden channel has been broken and price is about to test it in wave b green. One more wave to the upside is needed to complete the simple abc correction and the first target level would be the level of technical resistance at the level of 1.0695. Currently the shape of the corrective cycle is not very clear, a possible zig-zag pattern is unfolding.

Support/Resistance: 

1.0614 - WS1 

1.0685 - Weekly Pivot 

1.0678 - Intraday Resistance

1.0644 - Intraday Support

1.0711 - WR1 

1.0750 - Previous wave (iv) Zone 

1.0782 - WR2 

1.0809 - WR3 

Trading recommendations: 

Daytraders should open buy orders from the level of 1.0644 with SL below the level of 1.0622 and TP at the level of 1.0695.