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

General overview for 18/05/2015 12:15 CET

The bounce/reversal to the upside is a little muted as the price is still trading inside the bearish zone and below the golden trend line. The intraday supply zone between the levels of 1.2049 - 1.2065 is still putting a lid on the market and only an impulsive break out above this zone will be considered bullish and a real possible game changer for this pair. Please notice that as long as the price is trading above the key level at the level of 1.1978 there bias based on Elliott wave patterns is slightly bullish.

Support/Resistance:

1.1902 - WS1

1.1919 - Swing Low

1.1978 - Key Level

1.2018 - Intraday Support

1.2023 - Weekly Pivot

1.2052 - Intraday Resistance

1.2049 - 1.2065 - Supply Zone

Trading recommendations:

As long as the market is trading above the level of 1.1978 daytraders should consider openings buy orders from current market levels with SL below the level of 1.1977 and TP at the level of 1.2127.