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

General overview for 28/11/2014 09:20 CET

The level of 1.1368 has been violated and that means the ending diagonal idea is now invalidated. Currently, the main count has been invalidated as well and the alternative count is in play right now. This count indicates more impulsive wave development to the upside as the market broken out from the golden corrective channel. The first major target area is the supply zone between the levels of 1.1445 - 1.1465, but more advanced impulsive structure that is being expected is the zone is broken.

Support/Resistance:

1.1504 - WR3

1.1445 - 1.1465 - Supply Zone

1.1437 - WR2

1.1389 - 1.1395 - Wave iii Target Zone

1.1367 - Intraday Support

Trading recommendations:

Traders should consider buying the dips as the market has finally broke out of the corrective channel. All SL should be placed below the level of 1.1224.