Technical analysis of USD/CAD for March 18th, 2016
General overview for 18/03/2016:
The blue wave (c) might have been completed at the level of 1.2945. If the level of 1.3166 is not clearly violated, there will be at least one more wave down missing the first projected target at the level of 1.2925 minimum. Please notice that the big wave B low will be established, once the current corrective cycle is completed.
Support/Resistance:
1.2945 - Intraday Support
1.3106 - WS1
1.3166 - Intraday Resistance
1.3275 - Weekly Pivot
1.3383 - WR1
1.3554 - WR2
1.3662 - WR3
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
