Technical analysis of USD/CAD for June 4, 2014 Trend News

General overview for 04/06/2014 10:20 CET

The impulsive wave progression looks completed and downward corrective cycle is being expected currently on this pair. The deeper the correction goes, the bigger the probability that the running flat (a)(b)(c) correction has been completed and impulsive wave progression to the downside is starting. The key level for such an event is at the level of 1.0890. The potential shape for the correction is so far unknown.

Support/Resistance:

1.0941 - Wave (c) Top

1.0936 - WR3

1.0921 - Intraday Support

1.0911 - WR2

1.0890 - Key Level

1.0874 - WR1

1.0846 - Weekly Pivot

Trading recommendations:

Daytraders might consider going short from the current price levels with SL above the level of 1.0941 and TP at the level of 1.0921 with a possible extension downside to the level of 1.0911.

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



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