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

General overview for 29/07/2015 09:50 CET:

Because the alternative count on the hourly chart looks more convenient now, let's take a look at this count on the H4 chart. A 6-year high at the level of 1.3055 had been violated and the market reached a new high. Nevertheless, with this Elliott wave labeling we can clearly see that there is one more wave up missed - wave 5 black of wave 5 green. The dynamic regression channel confirms this view as it is still pointing upwards. Please remember that the count on the hourly chart (main count) is even more bullish than this one, so we can not rule out more appreciations of US dollar.

Support/Resistance:

1.3100 - Swing High

1.3055 - 2009 High

1.3026 - Weekly Pivot

1.2978 - Intraday Resistance

1.2952 - WS1

1.2910 - Intraday Support

1.2839 - WS2

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 1.2978 is violated with SL below the level of 1.2910 and TP at the level of 1.3026 with a possible upside extension.