InstaForex - Analytics

    InstaForex

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    Technical analysis of USD/CAD for February 29, 2016 2016-02-29

    General overview for 29/02/2016:

    A bottom of the (a) blue was established and the market moved to the upside as anticipated. The projected target levels for wave (b) blue are intraday resistance at the level of 1.3637 or upper border line of the neutral zone at the level of 1.3706. In a longer time frame, a corrective cycle from a top of 1.4687 is still in progress, but it has evolved into a complex corrective structure. Within that structure, there is a missing Y brown wave pointing to the downside.

    Support/Resistance:

    1.3957 - WR2

    1.3706 - WR1

    1.3637 - Intraday Resistance

    1.3605 - Weekly Pivot

    1.3503 - Intraday Support

    1.3350 - WS1

    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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