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Wave analysis

06.02.201516:16 Forex Analysis & Reviews: Technical analysis of USD/CAD for Febuary 6, 2015

Long-term review

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General overview for 06/02/2015 15:00 CET

After the today's mixed data for Canada the pair is still in corrective cycle and now the signs of the impulsive rebound has been noticed just yet. Any breakout below the level of 1.2348 is bearish and further wave progression to the downside in order to complete the wave Y brown should be expected. On the other hand, only an impulsive breakout above the level of 1.2590 would be considered as bullish development.

Support/Resistance:

1.2648 - Intraday Resistance

1.2632 - Weekly Pivot

1.2590 - Intraday Resistance|Key Level|

1.2474 - WS1

1.2351 - Intraday Support

Trading recommendations:

Please refrain from trading and wait for more clear pattern to emerge.

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