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07.04.2015 07:20 AM
Technical analysis of USD/CAD for April 7, 2015

General overview for 07/04/2015 07:10 CET

The impulsive wave progression to the upside is developing rather slowly as the market made a false upside break out yesterday. The key thing to gain in this pair is a more bullish price actions above the golden trend line and the test of the level of 1.2556 from the downside. A lack of this kind wave development is likely to result in impulsive progression invalidation and more complex and time consuming corrective cycle.

Support/Resistance:

1.2411 - Invalidation Level

1.2431 - Intraday Support

1.2506 - Intraday Resistance

1.2556 - Technical Resistance

Trading recommendations:

Daytraders should consider opening buy orders from the current market levels with SL below the level of 1.2411 and TP at the level of 1.2555.

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Summary
Urgency
Analytic
Sebastian Seliga
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