FX.co ★ Technical analysis of USD/CAD for March 12, 2014

General overview for 12/02/2014 08:35 CET

The corrective structure in wave (ii) blue looks completed, but to confirm the upside wave progression, the market now must break above the key area at the level of 1.1129 and even then breakout above technical resistance at the level of 1.1151. Any failure here would mean, then the alternate count is in play and test of the intraday support at the level of 1.1070 is expected with possible breakout lower to the level of 1.1008.

Support/Resistance:

1.1171 - WR1

1.1151 - Technical resistance

1.1129 - Intraday resistance

1.1070 - Intraday support

1.1062 - Weekly pivot

1.1008 - WS1

Trading recommendations:

Sell limit orders should be opened from the level of 1.1120 with SL above the level of 1.1130 and TP at the level of 1.1070 with possible downside extension to the level of 1.1008.