FX.co ★ Technical analysis of USD/CAD for January 28, 2015

General overview for 28/01/2015 14:35 CET

The impulsive wave progression might have been finished with an ending diagonal structure in the last wave v black, and now the market might continue to go lower. Nevertheless, any golden trend line breakout and a new high above the level of 1.2498 invalidate this point of view and make the next weekly resistance at the level of 1.2698 in view.

Support/Resistance:

1.2698 - WR1

1.2498 - Swing High|Intraday Resistance|

1.2375 - Intraday Support

1.2320 - Weekly Pivot

1.2309 - Intraday Support

1.2181 - WS1

Trading recommendations:

After the golden trend line breakout daytraders might consider opening sell orders with SL above the level of 1.2501 and TP at the level of 1.2310.