FX.co ★ Technical analysis of USD/CAD for August 20, 2014

General overview for 20/08/2014 13:30 CET

The market is developing the impulsive wave to the upside, just as it was anticipated last week. The first obvious target is the recent swing at the level of 1.0984; the next target is at the level of 1.1020. A small internal corrective cycle ahead looks like a good moment to add to the existing long positions or open a new one.

Support/Resistance:

1.0901 - Weekly Pivot

1.0935 - Intraday Support

1.0945 - WR1

1.0984 - Swing High

1.1020 - WR2

Trading recommendations:

Buy orders opened at the beginning of the week should be still kept open with the first target at the level of 1.0984 with a very possible extension up to the level of 1.1020.