FX.co ★ Technical analysis of USD/CAD for December 4, 2014

General Overview for 04/12/2014 09:20 CET

The corrective cycle is getting more complex and time-consuming after the top for wave XX brown has been made. The intraday range is now even wilder as the zone now is between the intraday resistance at the level of 1.1423 and intraday support is at the level of 1.1310. However, there is indication of a possible wave Z brown completion into the area of 1.1265, but please notice this corrective cycle might get even more complex.

Support/Resistance:

1.1465 - Swing High

1.1446 - 1.1465 - Supply Zone

1.1423 - Intraday Resistance

1.1379 - Weekly Pivot

1.1317 - WS1

1.1310 - Intraday Support

1.1296 - Wave Z Brown Target Level

Trading recommendations:

The uptrend is still not intact and swing 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. Traders might consider opening sell positions from current price levels for intraday scalping opportunities, with SL above the level of 1.1375 and TP at the level of 1.1310.