InstaForex - Analytics

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    Technical analysis of USD/CAD for Febuary 10, 2016 2016-02-10

    General overview for 10/02/2016:

    From Elliott wave point of view, there is a clear impulsive structure to the upside, developed as five-wave pattern. The level of 1.3784 had been tested from the upside and now it is expected to act as intraday support. This counter-trend corrective movement looks completed now as well and the next level to keep an eye on is technical resistance at 1.4102 just below the weekly pivot resistance at 1.4125. Any sustained breakout above the level of 1.3978 will be the first clue supporting our bullish bias.

    Support/Resistance:

    1.3638 - Local Low

    1.3666 - WS1

    1.3880 - Weekly Pivot

    1.3908 - Intraday Support

    1.3978 - Intraday Resistance

    1.4102 - Technical Resistance

    1.4126 - WR1

    1.4343 - WR2

    Trading recommendations:

    Yesterday's trading plan was profitable and buy orders should be kept open now. The SL should be moved higher to the level of 1.3880 and TP is still the same at the level of 1.4102. Please notice that this entry might be kept longer for a swing trade as well.

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