FX.co ★ Technical analysis of USD/CAD for June 25, 2015

General overview for 25/06/2015 08:00 CET

The bounce from yesterday's Fibo support level was very impulsive and now the market is back on track for even more gains. The intraday resistance at the level of 1.2421 must be violated again in order to make more gains possible. Please notice that the market might break above the recent swing high at the level of 1.2561 to make wave five as the current wave progression looks very bullish.

Support/Resistance:

1.2421 - Intraday Resistance

1.2384 - WR1

1.2275 - Intraday Support

1.2258 - Weekly Pivot

1.2216 - Invalidation Level

Trading recommendations:

Buy orders should be kept open and the SL level should be moved higher to the level of 1.2274.