InstaForex - Analytics

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    Technical analysis of USD/CAD for July 1, 2015

    General overview for 01/07/2015 09:15 CET

    As anticipated yesterday, the violation of the level of 1.2421 was a bullish sign and market went as high as the level of 1.2510. Moreover, the alternative wave count looks completed now because the last wave up might be considered the wave Z in triple zig-zag pattern (which is very common for wave B). Nevertheless, the bullish impulsive count is valid as long as the intraday support at the level of 1.2421 is violated.

    Support/Resistance:

    1.2128 - WS2

    1.2245 - WS1

    1.2332 - Weekly Pivot

    1.2421 - Intraday Support

    1.2447 - WR1

    1.2537 - WR2

    Trading recommendations:

    The near-term bias is still bullish and daytraders should consider opening buy orders as long as the level of 1.2421 is violated.

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