FX.co ★ Technical analysis of USD/CAD for March 8, 2016

General overview for 08/03/2016:

Another local low was reached as the wave (c) develops further. Nevertheless, a bullish divergence, which is being formed between the momentum oscillator and the price, indicates a possible trend reversal. To confirm this scenario, the price must break out above the level of 1.3498 and head towards the upper boundary of the neutral zone at the level of 1.3661.

Support/Resistance:

1.3733 - WR3

1.3661 - WR2

1.3498 - Technical Resistance

1.3461 - WR1

1.3396 - Weekly Pivot

1.3370 - Intraday Resistance

1.3261 - Intraday Support

1.3188 - WS1

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We will open buy orders again when the corrective structure is completed.