FX.co ★ Technical analysis of USD/CAD for October 27, 2014

General overview for 27/10/2014 08:20 CET

This market is still in the range zone between the levels of 1.1182 and 1.1294. The corrective cycle is getting more complex and time consuming, but the bias is still bullish as long as the level of 1.1080 is not broken (purple impulsive wave count invalidation). The first clue that the uptrend will be continued is impulsive breakout above the golden channel line, weekly pivot level and intraday resistance at the level of 1.1262. Otherwise the market might still penetrate the lower levels of the price range.

Support/Resistance:

1.1070 - 1.1080 - Demand Zone

1.1128 - WS2

1.1182 - Intraday Support

1.1185 - WS1

1.1240 - Weekly Pivot

1.1262 - Intraday Resistance

1.1293 - Intraday Resistance

1.1296 - WR1

1.1354 - WR2

1.1384 - Swing High

1.1409 - WR3

Trading recommendations:

Traders should wait for an important level breakout and trade accordingly.