FX.co ★ Technical analysis of USD/CAD for March 6, 2015

General overview for 06/03/2015 09:20 CET

The current wave progression indicates a more complex and time consuming corrective cycle in wave (ii) green is in its final stages. There is only one wave to the downside missing now and the market should rebound from the golden trend line dynamic support around the level of 1.2403. Only a sustained breakout below the level of 1.2386 would invalidate the bullish outlook.

Support/Resistance:

1.2386 - Invalidation Level

1.2403 - Intraday Support

1.2515 - Weekly Pivot

1.2545 - Intraday Resistance

Trading recommendations:

Daytraders and swingtraders should consider opening buy orders on the current price levels with SL below the level of 1.2386 and TP open for now.