FX.co ★ Technical analysis of USD/CAD for November 14, 2014

General overview for 14/11/2014 10:10 CET

The corrective cycle in black wave ii has almost hit the least level of resistance and now it should turn down. Only a sustained breakout above the level of 1.1400 will be considered as bullish but there must be a continuation move to the upside that breaks out above the recent swing high and makes new highs. Otherwise, the breakout above the level of 1.1400 might be considered as a false breakout and price will turn down.

Support/Resistance:

1.1465 - Swing High

1.1426 - WR1

1.1400 - Intraday Resistance

1.1357 - Intraday Support

1.1343 - Weekly Pivot

1.1279 - Intraday Support

Trading recommendations:

Day traders should consider opening sell orders from the level of 1.1357 with SL above the level of 1.1401 and TP at the level of 1.1279.