Technical analysis of USD/CAD for March 12, 2015 Market Analysis Review

General overview for 12/03/2015 09:10 CET

Instead of making a corrective cycle to the downside yesterday, the market made another high in somehow extended wave (v) green to the upside and reversed right back into the old supply zone that should now provide some resistance. Nevertheless, the corrective cycle is currently being expected as we can see a double top formation on larger time frames (H4 time frame). The first intraday support for the corrective cycle is at the level of 1.2662 In case of a breakout lower, the next support is seen at the level of 1.2597. The bias is still bullish as long the low at the level of 1.2386 is not violated.

Support/Resistance:

1.2934 - WR3

1.2797 - Intraday High

1.2778 - WR2

1.2727 - WR1

1.2662 - Intraday Support

1.2597 - Intraday Support

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 1.2797 is clearly violated with H1 candle close above this level. SL orders should be placed below the level of 126.62 and TP orders should be placed at the level of 1.2934.

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



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