Technical Analysis of USD/CAD for March 24, 2016
General overview for 24/03/2016:
The market has broken above the intraday resistance at the level of 1.3167 in an impulsive fashion and is currently trading inside of the neutral zone. So far three waves have been made, so if the bulls want to take the control over this market again, they need to make at least one more wave to the upside with the projected target at the level of 1.3336.
Support/Resistance:
1.3026 - Technical Support
1.3098 - Weekly Pivot
1.3166 - Intraday Support
1.3270 - WR1
1.3336 - Intraday Resistance
Trading recommendations:
Day traders and swing traders should consider opening buy orders from the current price levels with SL below the level of 1.3000 and TP open for now.
The material has been provided by InstaForex Company - www.instaforex.com
