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Technical analysis of USD/CAD for March 3, 2016 2016-03-03

General overview for 03/03/2016:

As anticipated yesterday, the market has made the high for the wave b purple around the intraday resistance at the level of 1.3480 and then reversed. Currently, the price is trying to break out below the intraday support at the level of 1.3380 in order to develop wave c of wave (c) blue. The projected target for wave c of the wave (c) blue is at the level of 1.3350. Please notice however, that wave b might still evolve into a more complex pattern like a triangle as long as the support at the level of 1.3380 is not violated.


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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