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

General overview for 26/03/2015 10:00 CET

The Elliott wave count on the H4 time frame works quite well now as the market is about to test the a zone between the levels of 1.2352 - 1.2379. Please notice that any violation of the level of 1.2388 will invalidate an impulsive alternative green count. This will mean that more complex and time consuming corrective cycle in wave 4 green is in progress. The next demand zone is the area between the levels of 1.1933 - 1.1803 and it will act as a mid-term support for the price.

Support/Resistance:

1.1933 - 1.1803 - Demand Zone

1.2352 - 1.2379 - Key Zone

1.2388 - Invalidation Level

Trading recommendations:

If the level of 1.2388 is violated to the downside, daytraders and swingtraders should consider opening sell orders on any rally up with SL above the level of 1.2555.