FX.co ★ Technical analysis of USD/CAD for September 18, 2015

General overview for 18/09/2015 09:20 CET

The distribution pattern that was anticipated correctly as the price slides towards the important technical support level after yesterday's Fed meeting. The impulsive bearish scenario to the downside is still valid and the first confirmation will come with the supply breakthrough zone violation. The first support is then at the level of 1.3022.

Support/Resistance:

1.3022 - Technical Support

1.3072 - Technical Support

1.3087 - WS2

1.3115 - Intraday Support

1.3178 - WS1

1.3243 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening sell orders from the current price levels with SL above the level of 1.3161 and TP at the level of 1.3115.