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Technical analysis of USD/CAD for November 27, 2014

General overview for 27/11/2014 09:40 CET


The wave progression is getting more and more consolidated as there is no new low made so far below the level of 1.1190. The price have been making recently a lot of a false breakouts to the upside. That is why my bias is still to the downside as long as the price is trading inside the corrective golden channel. Only a sustained breakout above the level of 1.1368 would change the outlook for more bullish one.


Support/Resistance:


1.1437 - WR2


1.1368 - Key Level


1.1326 - WR1


1.1269 - Intraday Resistance


1.1258 - Weekly Pivot


1.1227 - Intraday Support


1.1224 - WS1


Trading recommendations:


Yesterday's classical breakout trade using sell stop order from the level of 1.1230 should be still kept open. SL above the level of 1.1276 and TP at the level of 1.1190.


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