FX.co ★ Technical analysis of USD/CAD for June 26, 2015

General overview for 26/06/2015 14:40 CET

The impulsive wave progression to the upside is still on track, but there is another scenario suggesting a possible development of a zig-zag wave as a part of wave B blue. Please notice that the low at the level of 1.2128 was labeled as wave 2 or A. That is why, the current wave up has the alternative labeling of unfinished wave WXY brown. In that case, any new high in this market supports the main count (impulsive (i)-(ii), i-ii etc) and any new low below the level of 1.2275 supports the alternative wave B blue scenario.

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.