FX.co ★ Technical analysis of USD/CAD for January 6, 2015

General overview for 01/06/2015 11:20 CET

The corrective cycle continues in this pair and the price is bouncing slightly after hitting 38.6%Fibo retracement. That means the idea of a corrective structure in the shape of a triangle is still valid and a first leg down of this pattern has been done. The intraday golden trend line has been broken as well and this is a first clue that the market is making another leg to the upside, wave b purple.

Support/Resistance:

1.1935 - WR1

1.1842 - Swing High

1.1811 - Intraday Resistance

1.1752 - Weekly Pivot

1.1728 - Intraday Support

1.1671 - Technical Support

Trading recommendations:

The buy orders from yesterday should be still kept open. SL below the level of 1.1728 and TP at the level of 1.1842