FX.co ★ Technical analysis of USD/CAD for March 11, 2015

General overview for 11/03/2015 08:55 CET

he wave five impulsive wave progression to the upside labeled as wave (i) (ii)(iii)(iv)(v) green has been completed and the price has hit the indicated supply zone as anticipated earlier. It currently looks like the market wants to make a corrective sub-cycle to the downside and the first clue that supports that scenario comes with a black channel break out to the downside. The first important support for the price is seen at the levels of 1.2597 and 1.2564. Please notice that the bias is still bullish as the impulsive wave progression to the upside has not been completed yet.

Support/Resistance:
1.2564 - Intraday Support
1.2597 - Intraday Support
1.2703 - Intraday Resistance
1.2717 - WR1

Trading recommendations:
All buy orders should now be closed (TP was hit as anticipated) and traders should wait for the corrective cycle gets completed and consider opening buy orders again from the 1.2597 - 1.2564 zone.