InstaForex - Analytics

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    Technical analysis of USD/CAD for Febuary 15, 2016 2016-02-15

    General overview for 15/02/2016:

    There are some indications that an impulsive wave to the upside could have started already, but the situation is still unclear as the corrective cycle might get more complex and time-consuming. Nevertheless, the first three waves of the corrective cycle, abc purple, had been made and the intraday support at 1.3782 seems to be the key level that should be watched currently. Any breakout below this level might extend the C purple wave down to the next support at 1.3637. On the other hand, to confirm the bullish progression to the upside, the price should break out above the golden trend line at least.

    Support/Resistance:

    1.3637 - Local Low

    1.3648 - WS2

    1.3746 - WS1

    1.3782 - Intraday Support

    1.3873 - Intraday Resistance

    1.3880 - Weekly Pivot

    1.3972 - WR1

    1.4014 - Technical Resistance

    1.4108 - WR2

    Trading recommendations:

    Buy orders should be kept open with the same trade parameters: the SL should be placed at 1.3880 and the TP is still the same at 1.4102. Nevertheless, any breakout below the level of 1.3880 would create another opportunity to close buy orders and open sell orders with tight SL and TP at the level of 1.3782.

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