FX.co ★ Technical analysis of USD/CAD for September 16, 2014

 General overview for 16/09/2014 11:20 CET

Not much has been changed since yesterday on this pair although it is slowly moving in the anticipated downward direction. Both of the important support levels has not been violated and now it looks like the price has tested the weekly pivot and might be going back up. This first scenario is valid as long as the intraday support at the level of 1.1027 is not broken. In case of violation, the next support is at the level of 1.0978 (lower golden channel boundary and weekly pivot support).

Support/Resistance:
1.1097 - Swing Top
1.1070 - Intraday Resistance
1.1037 - Weekly Pivot
1.1027 - Intraday Support
1.0978 - WS1|Key Level|

Trading recommendations:
All swing traders that are still keeping buy orders from last week: breakout below the level of 1.1027 means it is time  to close the positions and wait for a further wave progression as the trend looks mature and reversal/correction is possible.