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Technical analysis of USD/CAD for May 19, 2015

General overview for 19/05/2015 10:25 CET

After breaking above the intraday supply zone and golden trend line, the market is heading impulsively into another supply zone between the levels of 1.2190 and 1.2204. The impulsive structure hasn't been completed yet as only three waves are about to be done. So, there is wave 4 blue and wave 5 blue to the upside missed. Please notice that the wave 4 blue might get more complex and time-consuming if it gets evolved into triangle or any other correction.

Support/Resistance:

1.2248 - WR2

1.2204 - 1.2190 - Supply Zone

1.2168 - Intrday Support

1.2127 - WR1

Trading recommendations:

All buy orders that were recommended yesterday have hit the TP level, but if there are any buy orders still on trailing stop, then please set the TP at the level of 1.2190 as the wave four correction is coming soon.

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