FX.co ★ Technical analysis of USD/CAD for November 25, 2014

General overview for 25/11/2014 09:00 CET

As the main impulsive count has been invalidated when wave -iv- overlapped wave -i-, the only  valid bearish scenario now is a Leading Diagonal possibility. This structure is possible as long as the level of 1.1368 is not violated. However, if this level is violated, then the alternative count is in play, indicating more  bullish bias as the corrective cycle in wave 2 purple could be completed.

Support/Resistance:

1.1437 - WR2

1.1368 - Key Level

1.1326 - WR1

1.1310 - Intraday Resistance

1.1276 - Intraday Support

1.1258 - Weekly Pivot

1.1224 - WS1

Trading recommendations:

The level of 1.1260 had been violated and now SL  should be placed below the intraday support at the level of 1.1276 and TP level in longer term should aim for the level of 1.1370 and 1.1465.