03.02.201510:53 Forex Analysis & Reviews: Technical analysis of USD/CAD for Febuary 3, 2015

Long-term review

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General overview foe 03/02/2015 09:40 CET

The yesterday's intraday support has been violated and currently it looks like a sharp downward correction is taking place. The wave a green has been made and now the second corrective wave is in progress. The market still trades inside the bullish zone, but any breakout below the today's intraday support at the level of 1.2553 is bearish and the golden trend line might be tested sooner or later as the market falls into the range zone again.

Support/Resistance:

1.2897 - WR1

1.2799 - Swing High

1.2648 - Intraday Resistance

1.2636 - Weekly Pivot

1.2553 - Intraday Support

1.2474 - WS1

Trading recommendations:

Daytraders should consider opening a sell stop orders from the level of 1.2549 with SL above the level of 1.2648 and TP at the level of 1.2474. It is not a good level to open long-term swing buy positions.

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