InstaForex - Analytics

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    Technical analysis of USD/CAD for Febuary 26, 2016 2016-02-26

    General overview for 26/02/2016:

    A top for the wave X brown had been established and the market moved to the downside as anticipated. The triangle idea had been invalidated as a new low has been reached below the wave W brown bottom at the level of 1.3637. In a longer time frame, a corrective cycle from a top of 1.4687 is still in progress, but it has evolved a complex corrective structure. Within that structure, there is a missing Y brown wave pointing to the downside.

    Support/Resistance:

    1.3516 - Intraday Support

    1.3527 - WS2

    1.3637 - Intraday Resistance

    1.3656 - WS1

    1.3784 - Weekly Pivot

    1.3916 - WR1

    1.4041 - WR2

    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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