FX.co ★ Technical analysis of USD/CAD for June 29, 2015

General overview for 29/06/2015 10:15 CET

The current wave progression in the lower time frame is getting more and more complex, so this might be the first clue, that wave B blue is unfolding now. There are two important levels, both are markers for bullish and bearish zones ( at the levels of 1.2420 and 1.2275 respectively). Any breakout above or below these levels would give us more clues about further market direction, but please bear in mind that the bias is still bullish and the upward wave progression hasn't been completed yet.

Support/Resistance:

1.2128 - WS2

1.2245 - WS1

1.2275 - Intraday Support

1.2332 - Weekly Pivot

1.2420 - Intraday Resistance

1.2447 - WR1

1.2537 - WR2

Trading recommendations:

Daytraders should refrain from trading and wait for the important levels to be tested first.