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01.05.2014 10:14 AM
Technical analysis of USD/CAD for May 1, 2014

General overview for 01/05/2014 09:00 CET

The market is currently in a corrective cycle of wave 4 red. The possible shape for this cycle looks like a triangle for now and the according labeling has been provided on chart. The most important intraday resistance is at the level of 1.0982 and only a breakout higher this level would invalidate the triangle scenario. More downside is expected after the correction is finished.

Support/Resistance:

1.1031 - Weekly Pivot

1.1011 - WS1

1.0983 - Intraday Resistance

1.0979 - WS2

1.0954 - WS3

1.0949 - Intraday Support

1.0937 - 1.0941 - Demand Zone

Trading recommendations:

Short positions still should be opened from the current price levels with SL above the level of 1.0988 and TP at the level of 1.0900.

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