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Technical analysis of USD/CAD for June 3, 2015

General overview for 03/06/2015 08:00 CET

The anticipated wave c purple to the downside has finally materialized and the first leg of the corrective cycle in wave 2 blue looks completed. Currently, there is still a possibility that the market will be in the corrective cycle for some time as correction might get more complex and time-consuming. The long-term bias is still bullish.

Support/Resistance:

1.2575 - WR1

1.2561 - Local Swing High

1.2489 - Intraday Resistance

1.2422 - Weekly Pivot

1.2395 - Technical Support (weak)

1.2321 - Technical Support

1.2313 - WS1

Trading recommendations:

The projected TP targets from yesterday has been met. Now, it is better to stay aside and wait for the corrective cycle to complete. Buying on dips during the corrective cycle is the way to trade on this market at the moment.

 

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