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

General overview for 14/10/2015 09:50 CET

The first wave impulsive wave to the upside had been completed, and now the market is in the corrective cycle in wave -ii-. Any breakout below the level of 1.2900 is likely to invalidate the bullish outlook. To confirm the upcoming impulsive wave progression, the market must break above the resistance at 1.3074 and head higher in impulsive fashion.

Support/Resistance:

1.2900 - Technical Support

1.2990 - Intraday Support

1.2996 - Weekly Pivot

1.3074 - Intraday Resistance

1.3092 - WR1

Trading recommendations:

Buy orders from Monday had hit the TP and profits were booked. Currently day traders should consider an opportunity to buy on dips with SL below the level of 1.2900 and TP open for now.