Thursday 1 May 2014

Technical analysis of USD/CAD for May 1, 2014 Trend News

General overview for 01/05/2014 09:00 CET


The market is currently in a corrective cycle of wave 4 red. The possible shape for this cycle looks like a triangle for now and the according labeling has been provided on chart. The most important intraday resistance is at the level of 1.0982 and only a breakout higher this level would invalidate the triangle scenario. More downside is expected after the correction is finished.


Support/Resistance:


1.1031 - Weekly Pivot


1.1011 - WS1


1.0983 - Intraday Resistance


1.0979 - WS2


1.0954 - WS3


1.0949 - Intraday Support


1.0937 - 1.0941 - Demand Zone


Trading recommendations:


Short positions still should be opened from the current price levels with SL above the level of 1.0988 and TP at the level of 1.0900.


usdcad_h1.jpgThe material has been provided by InstaForex Company - www.instaforex.com



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