FX.co ★ Technical analysis of USD/CAD for Febuary 7, 2017

General overview for 07/02/2017:

The overbalance level at 1.3101 had been easily broken and now the price is going vertically upward, which is a typical behavior for wave three. The next target for the bulls is at 61%Fibo at the level of 1.3227 and in a case of an extension, there is still next resistance at the level of 1.3297. This scenario is invalidated only when the top of the wave -i- at the level of 1.3101 is clearly violated.

Support/Resistance:

1.2925 - WS1

1.2967 - Technical Support

1.3050 - Weekly Pivot

1.3125 - WR1

1.3136 - Intraday Support

1.3227 - 61%Fibo

1.3246 - WR2

1.3297 - 78%Fibo

Trading recommendations:

All buy order from yesterday should move TP to the level of 1.3227 or to the level of 1.3297.