InstaForex - Analytics

InstaForex

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Technical analysis of USD/CAD for March 2, 2016 2016-03-02

General overview for 02/03/2016:

The wave a of the overall corrective structure in wave (c) blue had been made and now the market is in a corrective cycle in wave b purple. The projected target for wave be is at the level of 1.3480. When reached, the market should reverse and make a new low. The projected target for wave c of the wave (c) blue is at the level of 1.3350.

Support/Resistance:

1.3957 - WR2

1.3706 - WR1

1.3605 - Weekly Pivot

1.3480 - Intraday Resistance

1.3386 - Intraday Support

1.3350 - WS1

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We will open buy orders again when the corrective structure is completed.

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