FX.co ★ Technical analysis of USD/CAD for April 15, 2014

General overview for 15/04/2014 08:30 CET

The corrective cycle is still in progress and it is developing in the shape of a triple ZigZag pattern. There is one more wave to the upside missing and the targets from yesterday are still valid. Please notice that the price has fallen off the golden channel already and the momentum oscillator is diverging from the price. Both are giving clear clues about a possible end of the corrective wave progression and downside trend resumption.

Support/Resistance:

1.1066 - 1.106 - Supply Zone

1.1023 - 78%Fibo

1.1010 - 1.1000 - Invalidation Level

1.0991 - Intraday Resistance

1.0955 - Weekly Pivot

1.0952 - Intraday Support

1.0902 - WS1

Trading recommendations:

Sell limit orders should be opened from the level of 1.0988 with SL above the level of 1.1011 and TP at the level of 1.0857. Additional sell stop orders should be opened from the level of 1.0949 with SL above the level of 1.1011 and TP at the level of 1.0857.