Technical analysis of USD/CAD for July 9, 2015 Market Analysis Review

General overview for 09/07/2015 07:40 CET

As anticipated yesterday, corrective cycle development resulted in a steady horizontal price action. The market is currently range-bounding between the intraday support at the level of 1.2674 and intraday resistance at the level of 1.2778. Any breakout below/above of this level is needed to continue the wave progression. However, the current intraday bias is bearish, so the intraday support might be tested any time now.

Support/Resistance:

1.2778 - Intraday Resistance

1.2773 - WR1

1.2674 - Intraday Support

1.2632 - Technical Support

Trading recommendations:

Daytraders should consider closing the buy orders (TP from yesterday was hit) and wait for a further price action to develop. Sell orders should be opened only if the level of 1.2674 is clearly violated.

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