FX.co ★ Technical analysis of USD/CAD for Febuary 24, 2015

General overview for 24/02/2015 09:20 CET

As for the yesterday's analysis, the market broke the golden trend line, then tested the intraday support and now it looks like it is heading for testing of the supply zone between the levels of 1.2658 - 1.2694. Any breakout higher above the level of 1.2694 is bullish and the idea of a complex corrective structure labeled as WXYXX will be invalidated and the alternate scenario would be in play then.

Support/Resistance:

1.2699 - WR2

1.2658 - 1.2694 - Supply Zone

1.2631 - WR1

1.2548 - Dynamic Golden Trend Line Resistance

1.2545 - Intraday Support

1.2496 - Weekly Pivot

Trading recommendations:

Buy orders advised yesterday should be still kept open, with SL below the level of 1.2545 and TP at the level of 1.2631 - 1.2658.