Technical analysis of USD/CAD for May 4, 2015 Market Analysis Review

General overview for 04/05/2015 10:20 CET

The market is still trying to make higher highs after bouncing from monthly Fibonacci support level at the level of 1.2023, but the real resistance is the zone between the levels of 1.2325 - 1.2351. Only a sustained breakout above this level would be considered as a mid-term bullish wave progression. On the other hand, any new low below the level of 1.1944 invalidates the bullish scenario.

Support/Resistance:

1.1944 - Swing Low

1.2029 - WR1

1.2115 - Weekly Pivot

1.2132 - Intraday Support

1.2202 - Intraday Resistance

1.2286 - WR1

Trading recommendations:

Buy orders opened last week should be still kept open as the market approaches the key resistance at the level of 1.2325. A higher breakout means another buy orders should be opened with SL below the swing low at the level of 1.1943.

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

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