Technical analysis of USD/CAD for December 30, 2015

General overview for 30/12/2015 08:10 CET

After a false breakout higher, the price reversed and tested the intraday support at the level of 1.3815. An impulsive count had been invalidated after the wave one and wave four overlaps, so the market is likely to continue its corrective cycle in wave 4 black, possibly in a shape of a triangle pattern.

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:

Day traders should continue buying on dips in this market with SL below the level of 1.3815 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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