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

General overview for 01/07/2015 09:15 CET

As anticipated yesterday, the violation of the level of 1.2421 was a bullish sign and market went as high as the level of 1.2510. Moreover, the alternative wave count looks completed now because the last wave up might be considered the wave Z in triple zig-zag pattern (which is very common for wave B). Nevertheless, the bullish impulsive count is valid as long as the intraday support at the level of 1.2421 is violated.

Support/Resistance:

1.2128 - WS2

1.2245 - WS1

1.2332 - Weekly Pivot

1.2421 - Intraday Support

1.2447 - WR1

1.2537 - WR2

Trading recommendations:

The near-term bias is still bullish and daytraders should consider opening buy orders as long as the level of 1.2421 is violated.