FX.co ★ Technical analysis of USD/CAD for Febuary 9, 2015

General overview for 09/02/2015 10:20 CET

The corrective cycle in the wave X brown might continue here as the shape of this cycle starts to look like a triangle pattern. To complete this pattern, the market must make two more sub-waves and then the downside breakout is expected. On the other hand, the key level to the upside is the intraday resistance at the level of 1.2593 that has been tested twice already. Any breakout higher above this level might mean the corrective cycle will be more complex and time consuming.

Support/Resistance:

1.2797 - Swing High

1.2732 - WR1

1.2593 - Intraday Resistance|Key Level|

1.2543 - Weekly Pivot

1.2350 - Intraday Support|Key Level|

1.2314 - WS1

1.2122 - WS2

Trading recommendations:

Daytraders should consider opening sell orders from the current price levels with SL above the level of 1.2593 and open TP level for now.