FX.co ★ Technical analysis of USD/CAD for March 25, 2014

General overview for 25/03/2014 11:00 CET

So far the analysis has been playing out correctly and no major adjustments are done. The supply zone has not been broken and red trendline provides the dynamic resistance. The market has tested the weekly pivot at the level of 1.1187 again and bounced slightly. Currently, the market is moving in very tight channel and a breakout to the downside is anticipated to continue the decline. The first major support is around the level of 1.1152.

Support/Resistance:

1.1277 - Swing High

1.1255 - 1.1262 - Intraday Supply Zone

1.1225 - Key Intraday Level

1.1187 - Weekly Pivot

1.1177 - Intraday Support

1.1152 - 1.1141 - Technical Support

Trading recommendations:

Sell stop orders should be opened from the level of 1.1187 with SL above the level of 1.1225 and TP at the level of 1.1152.