FX.co ★ Technical analysis of USD/CAD for November 7, 2014

General overview for 07/11/12014 09:40 CET

Not much has happened since yesterday's update as the market is consolidating the latest gains in the range zone between the levels of 1.1461 - 1.1368. The recent wave progression does not look like an impulsive movement and it is rather very possible it is some sort of wave b to the upside. That means the market should make another wave down to complete a simple correction, before uptrend will eventually resume. Bias is upward until the level of 1.1100 is broken.

Support/Resistance:

1.1466 - Swing High 

1.1462 - WR2 

1.1380 - WR1 

1.1368 - Intraday Support 

1.1338 - Wave (ii) Green Bottom

Trading recommendations:

Day traders and swing traders should wait for the corrective cycle to complete before opening buy positions again.