FX.co ★ Technical analysis of USD/CAD for March 30, 2016

General overview for 30/03/2016:

The alternative count with the truncated wave V turned out to be the correct one, and a deep and sudden correction followed break-out of the 1.3140 level. Currently, the corrective cycle looks like a zig-zag pattern which is typical for wave 2. Please notice that any break-out below the 1.2923 level will invalidate the bullish impulsive count.

Support/Resistance:

1.3495 - WR2

1.3416 - WR1

1.3217 - Weekly Pivot

1.3140 - WS1

1.3130 - Intraday Resistance

1.3017 - Intraday Support

1.2944 - WS2

Trading recommendations:

The buy orders are now closed as the trailing stop loss level has been reached. For now, traders should refrain from trading and wait for another setup.