Technical Analysis of USD/CAD for April 14, 2016
General overview for 14/04/2016:
The wave (b) blue of the internal corrective cycle might be about to complete as the first projected target level has been hit. The current corrective sub-wave (b) target is the yellow rectangle area. When the top for wave (b) is in place, then a downtrend should continue for at least one more wave. Please remember that this structure might evolve even further into a triple zig-zag pattern as well.
Support/Resistance:
1.2747 - Intraday Support
1.2772 - WS2
1.2856 - WS1
1.2884 - Intraday Resistance
1.3036 - Weekly Pivot
1.3126 - WR1
1.3218 - Local High
1.3295 - Swing High
1.3303 - WR2
Trading recommendations:
Day traders should sell the market at the current prices with SL above the level of 1.2884 and TP at the level of 1.2700 (minimum).
The material has been provided by InstaForex Company - www.instaforex.com
