FX.co ★ Technical analysis of USD/CAD for March 4, 2015

General overview for 04/03/2015 08:15 CET

The alternative wave count had been invalidated after the level of 1.2474 violation and now the main count is the one to keep an eye on. The corrective cycle labeled as wave abc green had been completed. The first impulsive wave to the upside had been made and the market is in the corrective cycle now. The most important level is the intraday support at 1.2430 as any breakout lower would invalidate the current intraday impulsive count and make the corrective cycle more complex and time consuming. Please notice the bias is still bullish and break out higher is expected soon.

Support/Resistance:

1.2367 - WS1

1.2443 - Intraday Support|Key Level|

1.2515 - Weekly Pivot

1.2564 - Intraday Resistance

1.2600 - Dynamic Trend Line Resistance

Trading recommendations:

As advised yesterday: the buy orders should be still kept open (SL below the level of 1.2430 and TP open for now), as the market might be in the middle of the impulsive wave to the upside.