FX.co ★ Technical analysis of USD/CAD for March 13, 2015

General overview for 13/03/2015 09:20 CET

General overview for 12/03/2015 09:25 CET

A sudden and sharp corrective wave to the downside hit the lower levels of the price range, as anticipated, yesterday. Currently, this corrective cycle might be considered completed, but to confirm this assumption, the price must make another high above the level of 1.2797. Otherwise, this upward price progression might be only wave (b) green from the overall (a)(b)(c) corrective structure, and a lower level should be expected then. The bias is still bullish as long as the low at the level of 1.2386 is not violated.

Support/Resistance:

1.2934 - WR3

1.2797 - Intraday High

1.2778 - WR2

1.2728 - Intraday Resistance

1.2717 - WR1

1.2662 - Intraday Support

1.2597 - Intraday Support

Trading recommendations:

Daytraders should still consider opening buy orders only if the level of 1.2797 is clearly violated with H1 candle close above this level. SL orders should be placed below the level of 126.62 and TP orders should be placed at the level of 1.2934.