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Technical analysis of USD/CAD for June 12, 2015

General overview for 12/06/2015 06:25 CET

The price has retraced up to the level of the previous wave four of the lesser degree, which means the impulsive green count is still valid and the market should still make one more wave to the downside to complete the cycle. The first confirmation of this scenario comes with a breakout at the level of 1.2269 . Please notice the wave (iv) green might get more complex and time-consuming.

Support/Resistance:

1.2145 - WS3

1.2200 - Intraday Support

1.2256 - WS2

1.2269 - Intraday Support

1.2342 - WS1

1.2351 - Intraday Resistance

1.2434 - Green Impulsive Count Invalidation Level

Trading recommendations:

The sell orders from the level of 1.2306 advised yesterday should be still kept open, with SL placed above the level of 1.2351 and TP at the level of 1.2200.

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