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    Technical analysis of USD/CAD for April 8, 2015

    General overview for 08/04/2015 11:10 CET

    The impulsive wave progression to the upside looks rather muted so far, but the first impulsive structure in shape of a leading diagonal might be labeled on this H1 chart in line with the corrective cycle for wave (ii) green. Currently the most important level is the invalidation line at the level of 1.2432 (intraday support) and another invalidation line at the level of 1.2411.Any break out lower would invalidate and bullish scenarios and make the corrective cycle more complex and time-consuming.

    Support/Resistance:

    1.2411 - Invalidation Level

    1.2432 - Intraday Support

    1.2523 - Intraday Resistance

    1.2556 - Technical Resistance

    Trading recommendations:

    Daytraders should still consider to open buy orders or add to the long positions with the SL below the level of 1.2410 and TP open for now. This trade might evolve into a swing trade later on.

    2015-04-08_usdcad.jpg

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    Sebastian Seliga neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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