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

General overview for 15/08/2014 09:10 CET

This Elliott Wave count is another variation for a possible shape of the corrective structure in red wave 4. The correction is now a complex one with a WXY brown labeling for a double three pattern. The last leg of this corrective cycle is an ending diagonal wave Y brown that is likely to finish soon and then the upside rebound is anticipated. The target level is the same one I have been paying attention to all week: intraday support at the level of 1.0876.

Support/Resistance:

1.1011 - WR1

1.0957 - Weekly Pivot

1.0951 - Intraday Resistance

1.0928 - WS1

1.0875 - Intraday Support |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. This might be a good trade even for swing traders.