Technical Analysis of USD/CAD for April 4, 2016
General overview for 04/04/2016:
A new local high has been made at the level of 1.3146, but the bulls weren't strong enough to clearly break out above the Neutral Zone. Currently, the market trades inside of the neutral zone between the levels of 1.3017 - 1.3148. Nevertheless, the outlook is bullish and only a sustained break out above the intraday resistance at the level of 1.3148 would confirm the bottom for wave (c) of wave Z brown is in place.
1.2814 - WS1
1.2850 - Swing Low
1.3007 - Intraday Support
1.3048 - Weekly Pivot
1.3146 - WR1
1.3241 - WR2
Daytraders should place buy stop orders at the level of 1.3148 with SL below the level of 1.3000 and TP open for now. Any big, impulsive, long hourly candle that breaks out above the intraday resistance might suggest the bulls are back in control and we will try to join them.