Technical Analysis of USD/CAD for March 25, 2016
General overview for 25/03/2016:
The market has hit the weekly pivot resistance at the level of 1.3270 and currently it is the in corrective sub-cycle labeled as wave iv. 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. Any break out below the level of 1.3136 will invalidate the bullish count.
1.3026 - Technical Support
1.3098 - Weekly Pivot
1.3166 - Intraday Support
1.3270 - WR1
1.3336 - Intraday Resistance
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