Technical Analysis of USD/CAD for April 5, 2016
General overview for 04/04/2016:
The intraday support at the level of 1.3007 worked very well, but after the bounce bulls weren't strong enough to clearly break out above the neutral zone. Currently, the market is trading inside the neutral zone between the levels of 1.3017 - 1.3148. Nevertheless, the outlook is bullish and only a sustained break out above the intraday resistance at the level of 1.3148 would confirm the bottom for wave (c) of wave Z brown is in place.
1.2814 - WS1
1.2850 - Swing Low
1.3007 - Intraday Support
1.3048 - Weekly Pivot
1.3146 - WR1
1.3241 - WR2
Day traders should place buy stop orders at the level of 1.3148 with SL below the level of 1.3000 and TP open for now. Any big, impulsive, long hourly candle that breaks out above the intraday resistance might suggest that bulls are back in control and we will try to join them.
The material has been provided by InstaForex Company - www.instaforex.com