18.03.201510:49 Forex Analysis & Reviews: Technical analysis of USD/CAD for March 18, 2015

General overview for 18/03/2015 09:35 CET

The current price consolidation between the levels of 1.2821 - 1.2736 is getting more complex and time-consuming as the market is waiting for important Fed's news release later today. A breakout might happen any time now and the downward spike to the level of 1.2596 is needed to complete the current corrective cycle. The longer term bias still remains bullish.

Support/Resistance:

1.2917 - WR1

1.2821 - Intraday Resistance

1.2746 - Weekly Pivot

1.2732 - Intraday Support

1.2668 - WS1

1.2596 - Technical Support

Trading recommendations:

The market is still consolidating and the trading advise is still valid. Daytraders should consider opening buy orders if:

- the level of 1.2821 is clearly violated with a minimum H1 close above this level. SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.

- the level of 1.2704 provided a clear bounce to the upside, SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.

- the level of 1.2596 provided a clear bounce to the upside, SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.