FX.co ★ Technical analysis of USD/CAD for August 25, 2014

General overview for 25/08/2014 10:30 CET

Green wave b looks like it is going to be more complex and time-consuming as it is evolving into the triangle pattern. When this pattern is completed, one more wave to the downside is anticipated here, with the targets at the level of 1.0926 or 1.0911. Then, an impulsive rebound should happen that will target new highs above the level of 1.0985.

Support/Resistance:

1.1020 - WR1

1.0985 - Swing High | Intraday Resistance|

1.0947 - Weekly Pivot

1.0926 - Intraday Support

1.0911 - WS1

Trading recommendations:

Traders should wait until the corrective cycle is completed and open the buy positions to trade in the direction of the larger time frame trend. Anticipated entry levels are shown on the chart.