FX.co ★ Technical analysis of USD/CAD for July 24, 2015

General overview for 24/07/2015 09:45 CET

Instead of continuing with the bullish impulsive wave progression, the market made a three wave abc green corrective cycle in a shape of a running flat pattern. Currently, the market should break out above the intraday resistance at the level of 1.3052 and head towards weekly pivot resistance at the level of 1.3072 (that was our weekly target level). Only a sustained violation of the intraday support at the level of 1.2945 would invalidate this scenario.

Support/Resistance:

1.2945 - Intraday Support

1.2955 - Weekly Pivot

1.3006 - WR1

1.3022 - WR2

1.3052 - Intraday Resistance

1.3072 - WR3

Trading recommendations:

The buy orders should be still kept open as the TP at the level of 1.3072 might be hit any time now.