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

General overview for 25/09/2014 11:50 CET

The very short retracement corrective cycle in red wave 2 looks to be completed, but more complex correction shouldn't be ruled out yet. The bias is still bullish and the key level is the intraday support at the level of 1.1047. The first projected target for this impassive cycle is at the level of 1.1187. Please notice that any breakout below the intraday support level might lead to the test of the weekly pivot at the level of 1.0979.

Support/Resistance:
1.1187 - WR2
1.1120 - Intraday Resistance|Swing High|
1.1065 - WR1
1.1047 - Intraday Support
1.0979 - Weekly Pivot

Trading recommendations:
The buy positions from Monday have been closed at the projected TP level and now patience is required as only a sustained breakout above the intraday resistance is a valid buy signal.