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Technical analysis of USD/CAD for June 17, 2015

General overview for 17/06/2015 08:50 CET

The market has confirmed that the triangle formation is still in progress and the last sub-wave e green is needed to complete the pattern. For the whole week the market has been trading around the weekly pivot at the level of 1.2326 under rather choppy trade conditions ( typical for a triangle pattern). So, it looks like the market is waiting for today's FOMC meeting to continue the impulsive progression downwards. Please notice that only a sustained violation of the level of 1.2434 would invalidate the view.

Support/Resistance:

1.2434 - Green Impulsive Count Invalidation Line

1.2344 - Intraday Resistance

1.2326 - Weekly Pivot

1.2267 - Intraday Support

1.2200 - Technical Support

Trading recommendations:

Daytraders should consider opening sell orders from the level of 1.2344 with SL above the level of 1.2365 and TP at the level of 1.2267 with possible extension downwards to the level of 1.2200.

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