Technical analysis of USD/CAD for March 10, 2016

General overview for 1003/2016:

The current count is evolving towards the complex WXYXXZ correction. The downside risk is greater than the upside one as there is uncompleted sub-waves in the last stage of the correction. As this kind of corrective cycle can consume more time than a simple corrective cycle, be prepared for more fake breakouts, choppy trading conditions and low volatility in this market.

Support/Resistance:

1.3733 – WR3

1.3661 – WR2

1.3498 – Technical Resistance

1.3461 – WR1

1.3396 – Weekly Pivot

1.3372 – Intraday Resistance

1.3228 – 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 recommend to place buy orders again when the corrective structure is completed.

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The material has been provided by InstaForex Company – www.instaforex.com

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