30.03.201509:03 Forex Analysis & Reviews: Technical analysis of USD/CAD for March 30, 2015

General overview for 30/03/2015 08:55 CET

The current wave progression is developing as we anticipated last week. The first possible impulsive wave upwards is almost done. The key level for the market to continue with this progression is weekly pivot at the level of 1.2561. The demand breakthrough zone unfolded between the levels of 1.2700 - 1.2721. Please note that the alternate count still indicates a possibility of more complex wave X brown in progression that might even target the recent swing high at the level of 1.2833.

Support/Resistance:

1.2503 - WS1

1.2561 - Weekly Pivot

1.2614 - Intraday Support

1.2657 - Intraday Resistance

1.2700 - 1.2721 - Demand Breakthrough Zone

Trading recommendations:

Daytraders should consider opening buy orders from the current price levels (or wait for the retrenchments and then buy) with SL below the weekly pivot at the level of 1.2561 and TP at the level of 1.2700 with a possible extension later in the week up to the level of 1.2721.