FX.co ★ Technical analysis of USD/CAD for September 8, 2014

General overview for 08/09/2014 14:10 CET

The current price wave progression might looks like in first stages of an impulsive rebound to the upside if the key level  is violated. Further confirmation comes with the last swing high violation at the level of 1.0995. Moreover, the mid-term bias is bullish on higher time frames and that is another indication of a possible bullish breakout soon.

Support/Resistance:

1.1002 - WR2

1.0995 - Technical Resistance

1.094 1- WR1

1.0908 - Intraday Resistance

1.0881 - Weekly Pivot

1.0820 - WS1

Trading recommendations:

Daytraders should consider to open buy orders only if the level of 1.0908 is violated, with SL below the level of 1.0881 and TP at the level of 1.0918 with a possible upward extension to the least swing high.