FX.co ★ Technical analysis of USD/ CAD for July 14, 2015

General overview for 14/07/2015 10:45 CET:

As anticipated yesterday, the bullish triangle breakout is now in progress. The first three waves of the impulsive wave progression has been made and there are still two more to come. The first target is at the level of 1.2897. Please notice that any breakout below the intraday support at the level of 1.2725 would invalidate the recent impulsive count and the corrective cycle would evolve to more complex and time-consuming one.

Support/Resistance:

1.2897 - WR2

1.2802 - WR1

1.2725 - Intraday Support

1.2681 - Weekly Pivot

Trading recommendations:

The buy orders from yesterday should be still kept open; nevertheless, daytraders should consider opening more buy orders for intraday scalp if the level of 1.2805 is clearly violated (hourly candle close below this level), with SL just below the level of 1.2775 and TP at the level of 1.2897.