FX.co ★ Technical analysis of USD/CAD for September 23, 2014

General overview for 23/09/2014 10:40 CET

After breaking the golden trendline the market is following the anticipated main wave progression where first three waves has been done already and now internal corrective cycle is due. When the correction is completed (triangle pattern is very possible), then new high above the level of 1.1097 should be done. Only a valid breakout below the weekly pivot at the level of 1.0979 would invalidate the view.

Support/Resistance:
1.1097 - Swing High|Technical Resistance|
1.1065 - WR1
1.1048 - Intraday Resistance
1.1013 - Intraday Support
1.0979 - Weekly Pivot |Key Level|

Trading recommendations:
The buy positions opened yesterday should still be kept open, with SL moved to the level of 1.0975 and TP still at the level of 1.1097.