FX.co ★ Technical analysis of USD/CAD for April 18, 2014

General overview for 18/04/2014 07:40 CET

This pair is currently in a trading range between two intraday levels. The lack of upside momentum, the bearish divergence and current Elliott wave count supports the downside bias more than an upside. Breakout below the intraday support at the level of 1.0982 will create an opportunity for a weekly pivot test and a possible breakout as well. On the other hand, new high would mean the wave X will not be a simple correction and all the bears out there must be more patient here.

Support/Resistance:

1.1053 - WR1

1.1032 - Swing High 

1.1020 - Intraday Resistance 

1.0982 - Intraday Support 

1.0955 - Weekly Pivot 

1.0937 - 1.0942 - Demand Zone

Trading recommendations:

The sell orders recommended yesterday should still be opened, with SL above the level of 1.1033 and TP at the level of 1.0955.