FX.co ★ Technical analysis of USD/CAD for April 1, 2014

General overview for 01/04/2014 09:30 CET

The corrective cycle continues with two waves done already and one more to the upside is still developing. The first target level for abc green simple irregular flat correction is at the level of 1.1104-1.1121. The red descending trendline should act as a dynamic resistance and the level of 50% Fibo should help to cap any upside rally. When correction is completed, downtrend resumption is expected.

Support/Resistance:

1.1183 - WR1

1.1171 - 61%Fibo

1.1138 - 50%Fibo

1.1104 - 1.1121 - Target area

1.1090 - Weekly Pivot

1.1075 - Intraday Resistance

1.1042 - Intraday Support

Trading recommendations:

Open buy positions if the level of 1.1076 is broken with SL below the level of 1.1042 and TP at the level of 1.1104 and 1.1121.