Technical analysis of USD/CAD for April 21, 2015 Market Analysis Review

General overview for 21/04/2015 10:00 CET

The wave b green might have been completed sooner than anticipated as the market is trying to break out above the intraday resistance at the level of 1.2273. In case of any successful breakout, the next target would be at the level of 1.2318 with a possible extension up to the level of 1.2387. At this point, the price might reverse as the wave (b) blue might develop another wave to the downside before the uptrend on higher time frames will be continued.

Support/Resistance:

1.2088 - Intraday Support

1.2272 - Intraday Resistance

1.2297 - Weekly Pivot

1.2318 - Supply Zone

1.2387 - Technical Resistance| Key Level|

1.2503 - WR1

Trading recommendations:

Yesterday's TP for sell orders hasn't been hit but sell orders should be closed now because daytraders should consider opening buy orders from the current levels with SL below the level of 1.2245 and TP at the level of 1.2318.

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

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