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20.11.2014 11:41 AM
Technical analysis of USD/CAD for November 20, 2014

General outlook for 20/11/2014 10:30 CET

The corrective cycle is still in progress but there are first clues that the downtrend might resume soon to complete the remaining waves in the downward cycle. Only a clear breakout above the level of 1.1394 would invalidate the current bearish outlook and put the recent swing highs into the test.

Support/Resistance:

1.1120 - Wave 4 Blue Low

1.1173 - WS2

1.1224 - WS1

1.1265 - Technical Support

1.1308 - Intraday Support

1.1311 - Weekly Pivot

1.1369 - Intraday Resistance

1.1394 - Blue Impulsive Count Invalidation Line

Trading recommendations:

Day traders should keep the opened sell orders with SL just above the level of 1.1394 and TP at the level of 1.1220.

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Summary
Urgency
Analytic
Sebastian Seliga
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