FX.co ★ Technical analysis of USD/CAD for August 14, 2014

General overview for 14/08/2014 09:50 CET

The wave development of this pair is rather slow and the general outlook from yesterday hasn't been changed much as the same levels are in play here. The downside extension however might happen only if the key level is violated but otherwise the bias is bearish in the mid-term as there is unfinished red wave 5 to the upside.

Support/Resistance:

1.1011 - WR1

1.0957 - Weekly Pivot

1.0950 - Intraday Resistance

1.0928 - WS1

1.0904 - Intraday Support

1.0875 - WS2 | Wave 4 Red Target Level |

Trading recommendations:

The long positions from yesterday should still be kept open: entry was from the level of 1.0904 or the level of 1.0875, with the SL below the level of 1.0849 and TP above the level of 1.1010.