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

General overview for 18/06/2015 07:40 CET

As anticipated yesterday, the corrective cycle in wave (iv) developed a triangle pattern and now it looks like the market brake out of the triangle to make the missing wave (v) to the downside. The lowest target is at the level of 1.2181, but a drop might get extended lower. This wave down would be the last corrective wave in the overall (a) (b) (c) blue correction that consist the wave 2 blue. We will be looking now for any clues for impulsive reversal to the upside in the intraday time frames.

Support/Resistance:

1.2181 - WS1

1.2200 - Intraday Support

1.2267 - Intraday Resistance

Trading recommendations:

The sell orders opened yesterday should be still kept open as the second TP at the level of 1.2000 might be hit today.