Technical analysis of USD/CAD for December 29, 2015

General overview for 29/12/2015 12:20 CET

There is still a possibility that a correction in wave 4 is not completed, but current wave progression indicates a possible move higher in impulsive fashion. The projected minimum target is seen at the level of 1.4000, but an impulsive cycle might get much higher than this level.

Support/Resistance:

1.4041 – WR2

1.4000 – Intraday Resistance

1.3927 – WR1

1.3870 – Weekly Pivot

1.3815 – Intraday Support

1.3748 – WS1

1.3693 – WS2

Trading recommendations:

Yesterday traders were closed on profit.

For today, day traders should continue buying on dips in this market with SL below the level of 1.3870 and TP at the level of 1.4000.

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

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