FX.co ★ Technical analysis of USD/CAD for March 31, 2016

General overview for 31/03/2016:

The main impulsive count has been invalidated after 1.2923 was violated. Currently, the whole structure is still corrective in the higher time frames and the bullish divergence between the price and the momentum oscillator supports the bullish outlook. The market should terminate the corrective cycle soon and then rebound upwards.

Support/Resistance:

1.3495 - WR2

1.3416 - WR1

1.3217 - Weekly Pivot

1.3140 - WS1

1.3117 - Intraday Resistance

1.2944 - WS2

1.2909 - Intraday Support

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.