FX.co ★ Technical analysis of USD/CAD for March 17, 2016

General overview for 17/03/2016:

The wave (c) blue is still developing as anticipated at the beginning of the week; and the wave structure is clearly impulsive. There is at least one more wave down missing the first projected target at the level of 1.2925 minimum. Please notice that the big wave B low will be established once the current corrective cycle is completed.

Support/Resistance:

1.2925 - Intraday Support

1.3106 - WS1

1.3166 - Intraday Resistance

1.3275 - Weekly Pivot

1.3383 - WR1

1.3554 - WR2

1.3662 - WR3

Trading recommendations:

Take profit orders at the level of 1.3106 were hit and all trades were closed with profit. Currently, traders should remain sideways.