FX.co ★ USD/CAD H1 analysis for September 3, 2013

General overview for 03/09/2013 11:30 CET

Intraday supply area in grey rectangle has pushed the price down but not strong enough for the price to break out of the upward golden channel. As long as the price stays in this channel, higher prices are possible.

It seems that the key intraday level for more downside development is the 1.0535 level of the golden channel line support. If this one is broken then Weekly Pivot and Technical Support level are very likley to be tested.

Nevertheless, the target for wave c of wave 4 is still at 1.0470.

Support/Resistance:

1.0605 - WR2

1.0570 - WR1

1.0567 - Swing High

1.0551 - 1.0558 - SUPPLY ZONE | KEY LEVEL FOR BEARS |

1.0535 - Key Intraday Support levels of Golden Trendline |

1.0519 - Weekly Pivot

1.0509 - Technical Support

1.0483 - WS1

1.0470 - Technical Support | KEY LEVEL FOR BULLS |

1.0435 - WS2

1.0398 - WS3 | 61%Fibo |

Trading recommendations:

Due to the unfinished cycle of wave c the intraday bias is bearish, and short positions should be considered if golden trendline is broken: SL above the 1.0558 level and TP at 1.0470.