Technical analysis of USD/CAD for Febuary 10, 2015 Market Analysis Review

General overview for 10/02/2015 11:25 CET

As it was anticipated yesterday, the market is still trying to complete the corrective cycle in the shape of abcde green triangle. So far it has been following the scenario very well and now it looks like there is only one more wave tot he upside to complete the wave X brown (wave e green). When this sub-cycle is finished, the market should continue lower and violate the intraday support at the level of 1.2350. The projected target for the wave Y brown is at the level of 1.2122 (weekly pivot support level).

Support/Resistance:

1.2797 - Swing High

1.2732 - WR1

1.2593 - Intraday Resistance|Key Level|

1.2543 - Weekly Pivot

1.2350 - Intraday Support|Key Level|

1.2314 - WS1

1.2122 - WS2

Trading recommendations:

Sell orders advised yesterday should be kept open for now. SL is above the level of 1.2593, and TP is open for now.

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



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