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

General overview for 14/09/2015 10:10 CET

The current price action inside the over two-week-long congestion zone looks more and more like the distribution pattern. This idea is being supported by the current Elliott wave count that suggest the possible beginning of the impulsive wave progression to the downside. Nevertheless, any price breakout above the level of 1.3325 will invalidate the impulsive bearish count and will likely make a new high above the level of 1.3352 (it will be the last high in this market anyway).

Support/Resistnace:

1.3399 - WR2

1.3353 - Swing High

1.3334 - WR1

1.3325 - Intraday Resistnace

1.3243 - Weekly Pivot

1.3178 - WS1

1.3152 - Intraday Support

1.3136 - Intraday Support

1.3114 - Technical Support

Trading recommendations:

Daytraders should consider opening sell orders from current market levels with SL just above the level of 1.3325 and TP at the level of 1.3152.