FX.co ★ Technical analysis of USD/CAD for July 6, 2015

General overview for 06/07/2015 13:00 CET

An impulsive bullish count to the upside might be completed as all five waves are currently presented on the chart. On the other hand, as long as there is no new high above the intraday resistance at the level of 1.2631, the sideways structure might be considered a part of a corrective wave 4. Only a sustained breakout below the intraday support at the level of 1.2436 would invalidate the immediate bullish outlook and made the corrective cycle more complex and time-consuming.

Support/Resistance:

1.2631 - Intraday Resistance

1.2536 - Weekly Pivot

1.2440 - WS1

1.2422 - Technical Support

Trading recommendations:

Swingtraders should still keep their open buy orders with SL moved higher to the level of 1.2536. The bias is still bullish, however the corrective cycle can take place any time now.