FX.co ★ Technical analysis of USD/CAD for April 29, 2015

General overview for 29/04/2015 10:45 CET

The bullish divergence building on the H1 time frame is the first clue that the near-term bottom might be in place. Nevertheless, more impulsive price action is needed to support this view. So, the first level traders should look at is around the golden channel at the level of 1.2120 and above. The break out above the golden channel is needed for the market to start the last wave upward, otherwise the correction will be more complex and time consuming.

Support/Resistance:

1.1992 - WS2

1.2045 - Intraday Resistance

1.2085 - WS1

1.2119 - Intraday Resistance

1.2193 - Weekly Pivot

Trading recommendations:

Daytraders should consider to open buy orders is the level of 1.2192 is violated, with SL below the level of 1.2000 and TP at the level of min. 1.2193 with a possible upward extension to the level of 1.2285.