Technical Analysis of USD/CAD for March 9, 2016
General overview for 09/03/2016:
The bullish divergence had pushed the price above the weekly pivot at 1.3395, but the market wasn't strong enough to break out above the intraday resistance at 1.3497. Currently, the bulls might still try to rally higher above this resistance as the move from 1.3261 low looks impulsive.
Support/Resistance:
1.3733 - WR3
1.3661 - WR2
1.3498 - Technical Resistance
1.3461 - WR1
1.3396 - Weekly Pivot
1.3371 - Intraday Support
1.3188 - WS1
Trading recommendations:
Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We will open buy orders again when the corrective structure is completed.
The material has been provided by InstaForex Company - www.instaforex.com
