FX.co ★ Technical analysis of USD/CAD for December 3, 2014

General Overview for 03/12/2014 07:35 CET

The yesterday's sharp reversal in this pair might suggest that the alternate count seems to be more likely than the main one, but to completely invalidate the main count the market must break above the level of 1.1453. Until then, the downside wave might be still a part of some larger corrective cycle, for example a part of a triple three complex correction as per current labeling on chart. The intraday resistance at the level of 1.1423 it the key level for bulls now, as break above it will directly expose the recent swing high at the level of 1.1453 to test.

Support/Resistance:

1.1465 - Swing High 

1.1446 - 1.1465 - Supply Zone 

1.1423 - Intraday Resistance

1.1381 - Intraday Support

1.1379 - Weekly Pivot 

1.1317 - WS1 

Trading recommendations: 

Not much has changed here, the uptrend is still not intact and traders still should consider buying the dips as the market has to complete more waves to the upside. All SL should be placed below the level of 1.1295.