FX.co ★ Technical analysis of USD/CAD for July 7, 2015

General overview for 07/07/2015 11:05 CET

This pair is still trading inside the bullish zone and the impulsive wave progression to upside hasn't been completed yet. The next target for wave 5 black in a more conservative count is seen at the level of 1.2770. Moreover, the target level is set even higher than 1.2770 in more aggressive bullish count ( alternative count on the chart). The near-term bias might be changed only if the intraday support at the level of 1.2631 is violated.

Support/Resistance:

1.2770 - WR1

1.2707 - Local High

1.2631 - Intraday Support

1.2536 - Weekly Pivot

Trading recommendations:

Swingtraders should still keep the buy orders open.

Daytraders should consider buying on dips down to the level of 1.2631, with SL just below the level of 1.2629 and TP at the level of 1.2770.