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

General overview for 06/04/2015 10:20 CET

The retracement in wave 2 black in shape of a double zig-zag formation is completed now and the crucial moment has come for this pair. The invalidation line at the level of 1.2411 is rather closed now. Please keep an eye on this level, because any break out lower is likely to invalidate the bullish impulsive wave progression labeled as wave 1 black and make another clue that the market is still inside of the bigger cycle wave 4 green corrective zone.

Support/Resistance:

1.2411 - Invalidation Level

1.2431 - Intraday Support

1.2497 - Intraday Resistance

1.2555 - First Target Level

Trading recommendations:

Daytraders should consider opening buy orders from the current market levels with SL below the level of 1.2411 and TP at the level of 1.2555.