FX.co ★ Technical analysis of USD/CAD for Febuary 18, 2015

General overview for 18/02/2015 11:00 CET

The downward wave development still does not looks completed in this market. However, the momentum now is diminishing and some sort of the upside rally might happen before another lower low is made. Please notice that the intraday support at the level of 1.2359 and technical support at the level of 1.2349 established a rather strong support zone for the market and any breakout lower will be definitely bearish.

Support/Resistance:

1.2783 - WR2

1.2590 - WR1

1.2506 - Weekly Pivot

1.2445 - Intraday Resistance

1.2359 - Intraday Support

1.2348 - Technical Support

1.2250 - 1.2231 - Projected Target Zone

Trading recommendations:

The bias is still bearish and the first TP level for the trades recommended this and last week has been missed by 10 pips so far. Nevertheless, the original TP at the level of 1.2349 is still in view.