FX.co ★ Technical analysis of USD/CAD for January 30, 2015

General overview for 30/01/2015 12:15 CET

As it was anticipated yesterday the wave progression to the upside continue,s and the price is about to hit the projected target area at the level of 1.2698. Moreover, there is still a possibility that the upward wave progression will get extended and the next projected target zone in the shape of an orange rectangle between the levels of 1.2769 - 1.2790 might get hit. Please notice the momentum is still diverging from the price and the correction to the downside is imminent.

Support/Resistance:

1.2769 - 1.2790 - Extended Target Projection

1.2698 - WR1

1.2676 - Local High|Intraday Resistance|

1.2604 - Intraday Support

Trading recommendations:

Buy orders from yesterday should be still kept open as the market approaches the TP at the level of 1.2698. A target extension to the 1.2769 - 1.2709 area is still possible.