Technical analysis of USD/CAD for Febuary 13, 2015 Market Analysis Review

General overview for 13/02/2015 07:35 CET

The recent wave development is going on as anticipated with new local lows after a golden channel's breakout. The market should now continue lower, but any price movement above the key level at the level of 1.2565 would be a game changer with a possible supply zone test. Nevertheless, the market shows sighs of weakness and new lows should be made soon. First confirmation of this scenario comes with the intraday support at the level of a 1.2436 breakout.

Support/Resistance:

11273 2- WR1

1.2653 - 1.2695 - Supply Zone

1.2565 - Intraday Resistance

1.2436 - Intraday Support

1.2543 - Weekly Pivot

Trading recommendations:

Yesterday's sell orders should be still kept open and SL should be now placed above the level of 1.2565 (entry was 1.2543, so it is only 22 pips). First TP orders should be placed at the level of 1.2349.

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



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