FX.co ★ Technical analysis of USD/CAD for April 1, 2015

General overview for 01/04/2015 10:05 CET

The wave progression is developing as anticipated with the first impulsive wave to the upside already in place and ongoing corrective cycle. The main count indicates one more wave down in order to complete a simple abc purple correction and then uptrend resumption. The first projected target for correction completion is at the level of 1.2561. This count is invalidated only when the level of 1.2387 is violated. The mid-term outlook for swingtraders is still bullish as there are uncompleted impulsive waves to the upside.

Support/Resistance:

1.2561 - Weekly Pivot

1.2642 - Intraday Support

1.2704 - Intraday Resistance

1.2712 - WR1

1.2771 - WR2

1.2783 - Intraday Resistance

Trading recommendations:

Daytraders should consider opening sell orders for intraday scalp from current market levels with SL above the level of 1.2705 and TP at the level of 1.2561.