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Technical analysis of USD/CAD for March 21, 2014

Profile photo of Wayne McDonell by Wayne McDonell
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General overview for 21/03/2014 07:10 CET

There is not much of an impulsive wave development to the downside yet, so the alternate count of a triangle can not be ruled out. Only a sustained breakout below the intraday support at the level of 1.1230 would open the road to the next important support at the level of 1.1150. Nevertheless, for now market is consolidating the recent gains and is trading in a tight range.

Support/Resistance:

1.1277 – Swing High

1.1230 – Intraday Support

1.1206 – WR2

1.1150 Technical Support

Trading recommendations:

Sell stop orders should be opened from the level of 1.1229 with SL above the level of 1.1277 and TP at the level of 1.1150 with a possible downside extension.

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