FX.co ★ Technical analysis of USD/CAD for September 25, 2015

General overview for 25/09/2015 09:50 CET

As anticipated yesterday, the new high has been made above the 1.3354 level. The current local high at the level of 1.3415 is acting as an intraday resistance. From the Elliott wave point of view, the whole overlapping upward structure has been labeled as a part of a bigger corrective cycle labeled as WXY brown cycle. The target for wave Y brown is at the level of 1.3233 (min. target level). Any breakout higher above the level of 1.3415 invalidates the bearish short-term outlook and puts the next important resistance at the level of 1.3451 in view.

Support/Resistnace:

1.3451 - WR2

1.3415 - Intraday Resistnace

1.3356 - WR1

1.3290 - Intraday Support

1.3233 - Wave Y Brown Target

Trading recommendations:

Daytraders should consider opening sell orders from current market levels with SL above the level of 1.3415 and TP at the level of 1.3233.