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    Technical analysis of USD/CAD for Febuary 23, 2015

    General overview for 23/02/2015 10:55 CET

    There are two equally possible scenarios on this pair right now and the key level at 1.2545 will play a crucial role in determining further wave development. First scenario (main) suggests a complex corrective structure in progress, labeled as WXYXX brown so far, the second labeling is tracing the alternative scenario of a possible (a)(b)(c)(d)(e) blue triangle pattern in wave 4. In the present moment, it is rather hard to say which one of the scenarios has a bigger probability, but due to the larger time frame trend, the bias is still bullish until proven otherwise.

    Support/Resistance:

    1.2699 - WR2

    1.2658 - 1.2694 - Supply Zone

    1.2631 - WR1

    1.2548 - Dynamic Golden Trend Line Resistance

    1.2545 - Intraday Support

    1.2496 - Weekly Pivot

    Trading recommendations:

    As long as the level of 1.2545 is not violated, daytraders should consider opening buy orders only with SL below the level of 1.2545 and TP at the level of 1.2631 - 1.2658.

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    Sebastian Seliga neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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