InstaForex - Analytics

    InstaForex

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    Technical analysis of USD/CAD for March 10, 2016 2016-03-10

    General overview for 1003/2016:

    The current count is evolving towards the complex WXYXXZ correction. The downside risk is greater than the upside one as there is uncompleted sub-waves in the last stage of the correction. As this kind of corrective cycle can consume more time than a simple corrective cycle, be prepared for more fake breakouts, choppy trading conditions and low volatility in this market.

    Support/Resistance:

    1.3733 - WR3

    1.3661 - WR2

    1.3498 - Technical Resistance

    1.3461 - WR1

    1.3396 - Weekly Pivot

    1.3372 - Intraday Resistance

    1.3228 - Intraday Support

    1.3188 - WS1

    Trading recommendations:

    Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We recommend to place buy orders again when the corrective structure is completed.

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