FX.co ★ Technical analysis of USD/CAD for October 29, 2014

General overview for 29/10/2014 16:50 CET

The count has been a little bit adjusted to fit the complex corrective cycle in still possible wave (2) purple. The wave c green of this correction looks completed and bullish divergence supports this view. The first confirmation of a bullish wave progression to the upside comes with the level of intraday resistance at the level of 1.1182 breakout and then a golden channel upside breakout as well. A failure there means the market is rather very likely to break below the black line and test the demand area between the levels of 1.1070 - 1.1080 again.

Support/Resistance:

1.1070 - 1.1080 - Demand Zone

1.1074 - WS3

1.1128 - WS2

1.1182 - Intraday Resistance

1.1185 - WS1

1.1240 - Weekly Pivot

Trading recommendations:

Traders should consider opening buy positions from the current market levels, with SL below the level of 1.1070 and TP above the level of 1.1182.