FX.co ★ Technical analysis of USD/CAD for Febuary 9, 2016

General overview for 09/02/2016:

As anticipated yesterday, the market moved above the level of 1.3908 which is acting as intraday support now. The next level to keep an eye on is technical resistance at the level of 1.4102, just below the weekly pivot resistance at 1.4125. Moreover, from Elliott wave point of view, there is a clear impulsive structure to the upside, developed as five-wave pattern. A slight counter-trend corrective movement might be expected. But when it takes place, the market should regain the upside momentum and trade higher towards the level of 1.4102.

Support/Resistance:

1.3638 - Local Low

1.3666 - WS1

1.3880 - Weekly Pivot

1.3908 - Intraday Support

1.4102 - Technical Resistant|Intraday Resistance|

1.4126 - WR1

1.4343 - WR2

Trading recommendations:

Yesterday's trading plan was profitable and buy orders should be kept open now. The SL should be moved higher to the level of 1.3880 and TP is still the same at the level of 1.4102. Please notice that this entry might be kept longer for a swing trade as well.