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    Technical analysis of USD/CAD for Febuary 4, 2016 2016-02-04

    General overview for 04/02/2016:

    An expected wave c to the upside failed to hit the projected target level, and the market is in a retreat now. Currently, the pair is trading below the important resistance at the level of 1.4000 and further downside wave development is expected. Please notice that according to Elliott wave count the market is still in a big corrective cycle of wave 4, which now looks like a zig-zag pattern. When the correction i completed, one more high is expected above the level of 1.4687.

    Support/Resistance:

    1.4690 - Swing High

    1.4553 - WR3

    1.4436 - WR2

    1.4324 - Technical Resistance

    1.4173 - WR1

    1.4061 - Weekly Pivot

    1.3906 - Intraday Resistance

    1.3798 - WS1

    1.37.19 - Intraday Support

    1.3682 - WS2

    Trading recommendations:

    Buy orders from yesterday should now be closed at the BE level, because the trend has reversed sooner than expected. Currently, the intraday trend is still bearish and only sell orders should be placed. The SL should be placed above the level of 1.3800 and TP should be placed at the level of 1.3682.

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