FX.co ★ Technical analysis of USD/CAD for Febuary 26, 2015

General overview for 26/02/2015 07:55 CET

For the whole week so far, this pair had stayed inside the neutral/range zone and it is still about to complete the corrective pattern. Currently, the intraday moves inside the range are limited and the market is close to important support at the level of 1.2349. The triangle structure can be completed at this level, but please notice, that the alternative count suggests even deeper correction is possible. Nevertheless, there are no evident market reversal clues so far as the golden trend line is not violated and pair is trading below the weekly pivot.

Support/Resistance:

1.2349 - Technical Support

1.2400 - Intraday Support

1.2435 - WS1

1.2443 - Intraday Resistance

1.2496 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening buy orders from current market levels with SL below the level of 1.2348 and TP at the level of 1.2496 with a possible upward extension.