FX.co ★ Technical analysis of USD/CAD for March 31, 2015

General overview for 31/03/2015 16:05 CET

The demand had broken through the grey rectangle zone between the levels of 1.2700 - 1.2721 and now it looks like the five wave impulsive wave progression to the upside is completed. If it is so, then the corrective cycle should be in progress now with the first wave a purple done already and waves (b and c purple) are next to unfold. The first target for the corrective cycle to hit is the zone between the levels of 1.2682 - 1.2650. Please notice that it might still be just a sub-wave of much larger corrective cycle coming in.

Support/Resistance:

1.2833 - Swing High

1.2783 - Intraday Resistance

1.2771 - WR2

1.2712 - WR1

1.2704 - Intraday Support

1.2682 - 1.2650 - Target Zone for Corrective Cycle

Trading recommendations:

Daytraders should exit the buy orders at the current price levels and wait for the corrective cycle to complete before opening any more buy orders. The situation will be monitored closely for next trade opportunity on this pair.