InstaForex - Analytics

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    Technical analysis of USD/CAD for March 15, 2016 2016-03-15

    General overview for 15/03/2016:

    The projected target for the wave B at the 1.3383 level has been hit as expected. When the corrective cycle in the blue wave B is completed, a trend should continue lower towards the 1.3106 level. The first sign of a down trend continuation comes with an intraday channel break-out and another test of the weekly pivot at 1.3275.

    Support/Resistance:

    1.3106 - WS1

    1.3163 - Intraday Support

    1.3275 - Weekly Pivot

    1.3383 - WR1

    1.3446 - Intraday Resistance

    1.3554 - WR2

    1.3662 - WR3

    Trading recommendations:

    Day traders should sell into the strength of the blue wave B with SL above 1.3446 and TP at 1.3106.

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