FX.co ★ Technical analysis of USD/CAD for August 28, 2014

General overview for 28/08/2014 13:30 CET

The projected target level from yesterday did not work and after breaking the support level the market declined to the demand zone and closed below it. Now, the key level to the upside is intraday resistance at the level of 1.0868 and only a clear breakout above this level is bullish intraday. The market is in a corrective cycle and any new low here would mean that the correction will be more complex and time-consuming.

Support/Resistance:

1.0828 - Intraday Support

1.0868 - Intraday Resistance | Key Level |

1.0858 - 1.0873 - Supply Zone

1.0911 - WS1

1.0974 - Weekly Pivot

Trading recommendations:

Day traders should consider opening buy orders only when the level of 1.0868 is clearly broken with SL below the level of 1.0827. Otherwise, patience is required for a clear trading pattern to emerge.