FX.co ★ Technical analysis of USD/CAD for January 29, 2015

General overview for 29/01/2015 09:20 CET

The scenario has been changed a little to incorporate the latest wave development into the overall scenario, but the outlook has not changed a bit: still one more wave to the upside is missing and it looks like the market is trying to make it now. The bullish breakout above the level of 1.2340 will directly expose another weekly pivot at the level of 1.2698 to test, and this is the first target projection for wave 5 green this week. Please notice the bearish divergence is supporting the view of the last impulsive wave to the upside to come.

Support/Resistance:

1.2698 - WR1

1.2540 - Swing High|Intraday Resistance|

1.2375 - Intraday Support

1.2320 - Weekly Pivot

1.2309 - Intraday Support

1.2181 - WS1

Trading recommendations:

Fake golden trend line breakout forced to close sell orders with a minimal loss. Today daytraders should consider opening buy orders from the current price levels with SL below the level of 1.2498 and TP at the level of 1.2698.