FX.co ★ Technical analysis of USD/CAD for October 24, 2014

General overview for 24/10/2014 10:50 CET

Not much has changed since yesterday as the market is currently in sub-cycle corrective mode and only a clear, sustained breakout below the level of 1.1183 would invalidate the bullish outlook for this pair. The key level resistance still has not been violated and the market is trading inside the golden corrective channel: very overlapping and choppy price action might indicate even more complex corrective cycle in purple wave 2 , but currently there is not much proof of that.

Support/Resistance:

1.1381 - Swing High

1.1292 - Intraday Resistance|Key Level|

1.1281 - Weekly Pivot

1.1262 - Intraday Resistance

1.1183 - Intraday Support

1.1178 - WS1

Trading recommendations:

Please refrain from trading until either the level of 1.1292 or 1.1183 is broken. Bias is still bullish anyway.