FX.co ★ Technical analysis of USD/CAD for March 10, 2015

General overview for 10/03/2015 09:15 CET

As we expected yesterday the corrective sub wave iv blue had been completed and market made another higher high. The wave progression to the upside looks almost completed and another marginal high is likely to be made right in the grey supply zone. A bigger corrective cycle should start.

Support/Resistance:

1.2658 - 1.2692 - Supply Zone

1.2647 - Intraday Resistance

1.2564 - Intraday Support

1.2517 - Invalidation Level

1.2506 - Weekly Pivot

1.2493 - WS1

Trading recommendations:

All buy orders advised last week had almost hit the TP level (10 pips miss so far), but traders should still wait for the TP at the level of 1.2658 to be finally hit. Please use trailing stop loss orders to lock the gains.