Technical Analysis of USD/CAD for March 22, 2016
General overview for 22/03/2016:
The market had tested the weekly pivot at the level of 1.3098, but the price is still trading inside the bearish zone. The last leg of the corrective cycle in wave Z brown might have been completed at the level of 1.2924, but without confirmation. To confirm the bottom is in the place, the market should break out above the intraday resistance at the level of 1.3166 and enter the neutral zone in impulsive fashion.
1.2924 - Intraday Support
1.3026 - Technical Support
1.3098 - Weekly Pivot
1.3166 - Intraday Resistance
1.3270 - WR1
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. In this particular case it would mean a clear break out above the level of 1.3166, ideally with a daily candle close above it.
The material has been provided by InstaForex Company - www.instaforex.com