FX.co ★ Technical analysis of USD/CAD for March 5, 2014

General overview for 05/03/2014 15:10 CET

The green wave b looks like it is finished, however the market is still trading below the weekly pivot at the level of 1.1087. Break out above this level would be bullish and wave C green might be in progress. Confirmation for more upside would have come if technical resistance at the level of 1.1157 is broken. In that case, the grey rectangle supply zone will be tested. On the other hand, without the red channel breakout no upside is possible and lower levels are expected.

Support/Resistance:

1.0895 - WS3

1.0967 - WS2

1.0969 - 78% Fibo

1.1016 - 1.1027 Supply breakthrough zone

1.1016 - WS1

1.1038 - Intraday support

1.1087 - Weekly pivot

1.1115 - Intraday resistance

1.1135 - WR1 | Key Level |

1.1156 - Technical resistance

Trading recommendations:

In case of red channel breakout, long positions should be opened from the level of 1.1087 with SL below the level of 1.1048 and TP at the level of 1.1115 and 1.1157 with a possible upside extension.