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Technical analysis of USD/CAD for June 5, 2015

General overview for 05/06/2015 08:40 CET

There was not much movement in this pair during last 24h as the market was awaiting the NFP numbers. Nevertheless, The current key level is the intraday resistance at 1.2508 as any breakout higher will lead to a test at 1.2561. On the other hand, a breakout below the golden trendline will lead to wave (c) blue development with targets at the levels of 1.2409 and 1.2322.

Support/Resistance:

1.2312 - WS1

1.2323 - Technical Support

1.2409 - Intraday Support

1.2422 - Weekly Pivot

1.2508 - Intraday Resistance

1.2561 - Swing High

1.2575 - WR1

Trading recommendations:

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. Nevertheless, aggressive scalpers might consider to open sell orders from current price levels with very tight SL (10-15 pips) and TP at the level of 1.2460 for quick profits.

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