FX.co ★ Technical analysis of USD/CAD for July 22, 2015

General overview for 22/07/2015 08:20 CET

The first corrective sub-wave down has been made, however there is still a possibility for a more aggressive sell-off if the intraday support at the level of 1.2915 is violated. That is why, the current labeling of the wave down is 2 or a black as the corrective cycle might still get more complex and time-consuming. To invalidate this scenario, a clear and impulsive price spike up above the level of 1.3022 is needed.

Support/Resistance:

1.3022 - WR2

1.3006 - WR1

1.2955 - Weekly Pivot

1.2932 - WS1

1.2915 - Intraday Support

Trading recommendations:

Swingtraders should still keep their long-term buy orders intact as impulsive wave development to the upside has not been completed yet.

Daytraders should consider buying on the dips in this market with SL below the level of 1.2915 and TP at the level of 1.3022 with a possible breakout even higher before the week end.