Technical Analysis of USD/CAD for April 6, 2016
General overview for 04/04/2016:
Another higher high has been made in this market as bulls are making their way towards the important technical resistance at the level of 1.3292. Currently, the bottom for the wave Z brown is confirmed as the market moved to the bullish zone. The golden trend line is providing the dynamic support and as long as this trend line is not violated the outlook remains bullish.
Support/Resistance:
1.2814 - WS1
1.2850 - Swing Low
1.3048 - Weekly Pivot
1.3124 - Intraday Support
1.3146 - WR1
1.3218 - Intraday Resistance
1.3241 - WR2
Trading recommendations:
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
