Technical analysis of USD/CAD for Febuary 3, 2016 Market Analysis Review

General overview for 03/02/2016:

An uncompleted wave progression to the upside is finally picking up some steam as the recent breakout above the upper channel line is now being tested. Currently, the market is trading just above the weekly pivot at the level of 1.4061 and even more gains are being anticipated in this pair.

Support/Resistance:

1.4690 - Swing High

1.4553 - WR3

1.4436 - WR2

1.4324 - Technical Resistance

1.4173 - WR1

1.4061 - Weekly Pivot

1.4104 - Intraday Resistance

1.3907 - Intraday Support

1.3798 - WS1

Trading recommendations:

Buy orders are now in profit and day traders should move the SL to the BE and wait for the TP at the level of 1.4173 is hit.

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

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