FX.co ★ Technical analysis of USD/CAD for June 4, 2015

General overview for 04/06/2015 08:30 CET

After testing the internal golden trendline, the market returned back in the consolidation area to continue the corrective cycle. The wave (a) blue had been completed and now wave (b) blue is in progress with the projected target at the level of 1.2508. Please notice that there is still one more wave to the downside missing, wave (c) blue, to complete the corrective cycle. The first target for this wave is at the level of 1.2322. In the larger time frames, the bias is still bullish.

Support/Resistance:

1.2312 - WS1

1.2323 - Technical Support

1.2409 - Intraday Support

1.2422 - Weekly Pivot

1.2508 - Intraday Resistance

1.2561 - Swing High

1.2575 - WR1

Trading recommendations:

It is better to stay aside and wait for the corrective cycle to complete. Buying on dips during the corrective cycle is the way to trade on this market at the moment.