FX.co ★ Technical analysis of USD/CAD for Febuary 11, 2016

General overview for 11/02/2016:

The market keeps trading inside of a daily range and all the last breakouts were fake. The level of 1.3784 was tested from the upside and now it is expected to act as intraday support. This counter-trend corrective movement looks completed now as well and the next level to keep an eye on is technical resistance of 1.4102 just below the weekly pivot resistance at 1.4125. Any sustained breakout above the level of 1.3978 will be the first clue supporting our bullish bias.

Support/Resistance:

1.3638 - Local Low

1.3666 - WS1

1.3880 - Weekly Pivot

1.3908 - Intraday Support

1.3978 - Intraday Resistance

1.4102 - Technical Resistance

1.4126 - WR1

1.4343 - WR2

Trading recommendations:

Buy orders should be still kept open with the same trade parameter: the SL should be placed at the level of 1.3880 and TP is still the same at the level of 1.4102. This entry might be kept longer for a swing trade as well.