InstaForex - Analytics

    InstaForex

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    Technical analysis of USD/CAD for March 2, 2016 2016-03-02

    General overview for 02/03/2016:

    The wave a of the overall corrective structure in wave (c) blue had been made and now the market is in a corrective cycle in wave b purple. The projected target for wave be is at the level of 1.3480. When reached, the market should reverse and make a new low. The projected target for wave c of the wave (c) blue is at the level of 1.3350.

    Support/Resistance:

    1.3957 - WR2

    1.3706 - WR1

    1.3605 - Weekly Pivot

    1.3480 - Intraday Resistance

    1.3386 - 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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