Technical Analysis of USD/CAD for March 11, 2016
General overview for 11/03/2016:
The weekly pivot point at the level of 1.3396 was tested after the data release and it capped the price. The result was the price reversal as the downside risk is greater than the upside one due to uncompleted sub-waves in the last stage of the correction. As this kind of corrective cycle can consume more time than a simple corrective cycle, be prepared for more fake breakouts, choppy trading conditions, and low volatility in this market.
Support/Resistance:
1.3733 - WR3
1.3661 - WR2
1.3498 - Technical Resistance
1.3461 - WR1
1.3396 - Weekly Pivot|Intraday Resistance
1.3228 - 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 recommend to place buy orders again when the corrective structure is completed.
The material has been provided by InstaForex Company - www.instaforex.com
