FX.co ★ Technical analysis of USD/CAD for October 23 2014

General overview for 23/10/2014 12:00 CET

The complex corrective structure in wave 2 purple might have been completed and any breakout above the key level at the  level of 1.1292 is bullish breakout confirmation targeting the recent swing high at the level of 1.1381. On the other hand, a failure at this level would extend the downside correction in time and possibly make it more complex, with targets below both intraday resistance levels.

Support/Resistance:

1.1381 - Swing High

1.1292 - Intraday Resistance|Key Level|

1.1281 - Weekly Pivot

1.1231 - Intraday Support

1.1183 - Intraday Support

1.1178 - WS1

Trading recommendations:

Buy stop orders should be opened if the level of 1.1293 is clearly broken, with SL below the level of 1.1181 and TP at the level of 1.1381.