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

General overview for 15/07/2014 07:30 CET

The wave progression develops almost as anticipated but it is still unclear if the top for wave Y brown is in place. There are two possible scenarios for the further price action. The key levels are 1.0695 for bulls and 1.0746 for bears. One of this levels will be broken soon and one of the scenarios will be invalidated. Breakout below the level of 1.0695 confirms the top for wave Y brown is in place and further price decline is expected. Breakout above the level of 1.0746 confirms the last wave to the upside is in progress and the target is at the level of 1.0786.

Support/Resistance:

1.0794 - 50%Fibo

1.0786 - WR1

1.0746 - Intraday Resistance

1.0724 - Intraday Resistance

1.0708 - Weekly Pivot

1.0695 - Technical Support

Trading recommendations:

Day traders should wait for the important levels to be broken before making any trading decisions now. As the outlook is not clear, and a little bit more of patience is needed.