24.04.201414:09 Forex Analysis & Reviews: Technical analysis of USD/CAD for April 24, 2014

General overview for 24/04/2014 12:45 CET

The upward corrective cycle on hourly time frame has been labeled as a complex WXY correction with ending diagonal formation in last wave c green of wave Y brown. The whole corrective cycle in this time frame has been labeled as a wave X black and there is one more bigger cycle to the downside missing - leg Y black. Please notice that the ending diagonal structure might be not finished yet and as long as the price is above the weekly pivot level there might be more whipsaws in the cycle ending. Only a sustained breakout below the level of 1.0940 confirms the scenario.

Support/Resistance:

1.1066 - WR1

1.1052- Swing High

1.1045- 88%Fibo

1.1038 - Intraday Resistance

1.1010 - Golden Trend Line Dynamic Support

1.1004 - Weekly Pivot

1.1000 - Intraday Support

1.0976 - WS1

Trading recommendations:

As long as the level of 141.23 provides the resistance, the sell orders should be opened from the price levels close to the level of 1.1023 with SL above the level of 1.1038 and TP at the level of 1.1000 with a possible downside extension to the level of 1.0963.