Technical analysis of USD/CAD for October 14, 2014 Market Analysis Review

General overview for 14/10/2014 12:45 CET

The wave progression is being re-labeled to fit the alternative count and this one is very bullish. Currently the market is back to the golden channel zone and impulsive development is getting stronger as the market is about to break higher above the last swing high. The first target is on the level of 1.1277, but it might get easily extended to the level of 1.1291.

Support/Resistance:

1.1291 - WR1

1.1277 - Technical Resistance

1.1221 - Intraday Support

1.1186 - Weekly Pivot

1.1158 - Intraday Support

1.1124 - Intraday Support

1.1108 - WS1

1.1070 - 1.1080 - Demand Zone|Key Level|

Trading recommendations:

As advised yesterday, buying the dips is the way to go in this market to trade it and now please notice some profit taking might have place when the price hits the level of 1.1277. Nevertheless, the bias is still bullish and higher levels are expected.

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



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