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

General overview for 01/10/2014 09:40 CET
The upward wave progressions developing as anticipated and the price keeps making higher highs as shown on the chart. Currently, the red cycle has not been completed yet as the market consolidates recent gains and it is getting ready to breakout to the upside again when the corrective cycle wave 4 red is completed. The target is at the level of 1.1275.

Support/Resistance:
1.1275 - WR1
1.2222 - Intraday Resistance
1.1191 - Intraday Support
1.1129 - Intraday Support
1.1098 - Weekly Pivot

Trading recommendations:
The trailing stop loss orders for all buy positions should be moved just below 1.1191 in case the corrective cycle will be more complex and deeper in retracement.The short-term bias is bullish and only buy orders should be open in this market. The target is at the level of 1.1275.