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15.05.201508:40 Forex Analysis & Reviews: Technical analysis of USD/CAD for May 15, 2015

Long-term review

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General overview for 15/05/2015 08:30 CET

As anticipated yesterday, the market has broken through the level of 1.1978 that was intraday support and the key level for bulls. To continue with the impulsive wave progression, the price should bounce from the support level and head higher to the next resistance at the level of 1.2027. Please notice that higher time frames are indicating a possible wave 4 red bottom, but the confirmation will come with the golden trend-line breakout in an impulsive way.

Support/Resistance:

11918 - Swing Low

1.1964 - WS1

1.1978 - Intraday Support

1.2027 - Intraday Resistance

1.2044 - 1.2059 - Supply Zone

Trading recommendations:

The buy orders should be still kept open and the SL should be moved higher to the level of 1.1977.

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