Technical analysis of USD/CAD for October 17, 2014 Market Analysis Review

General overview for 17/10/2014 08:40 CET

The choppy trading conditions in wave (4) black has been anticipated yesterday, as the market is trying to unload the excessive amount of long positions in the recent trading range. As long as the key level of 1.1220 is not violated the bias is still bullish, but any breakout lower immediately exposes the level of 1.1080.

Support/Resistance:

1.1385 - Swing High

1.1369 - WR2

1.1291 - WR1

1.1227 - Intraday Support

1.1220 - Black Impulsive Count Invalidation Line

1.1186 - Weekly Pivot

Trading recommendation:

Not much has changed since yesterday and still traders should put an eye on the level of 1.1220, because as long as the level of 1.1220 is not broken the bias is still bullish as there is at least one more wave to the upside missing to complete the cycle. Buying the dips are advised with SL below the level of 1.1219.

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



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