Technical Analysis of USD/CAD for March 30, 2016
General overview for 30/03/2016:
The alternative count with the truncated wave V turned out to be the correct one, and a deep and sudden correction followed break-out of the 1.3140 level. Currently, the corrective cycle looks like a zig-zag pattern which is typical for wave 2. Please notice that any break-out below the 1.2923 level will invalidate the bullish impulsive count.
Support/Resistance:
1.3495 - WR2
1.3416 - WR1
1.3217 - Weekly Pivot
1.3140 - WS1
1.3130 - Intraday Resistance
1.3017 - Intraday Support
1.2944 - WS2
Trading recommendations:
The buy orders are now closed as the trailing stop loss level has been reached. For now, traders should refrain from trading and wait for another setup.
The material has been provided by InstaForex Company - www.instaforex.com
