Technical analysis of USD/CAD for December 16, 2016

General overview for 16/12/2016:

After the 61% Fibo level at 1.3394 was hit, the market declined slightly towards the intraday support at the level of 1.3322. So far, this level has been holding the line, but in order to move even higher, bulls should make a new higher high and break above the golden trend line around the level of 1.3420 and head higher to 78% Fibo at the level of 1.3479.

Support/Resistance:

1.3061 - WS1

1.3322 - Intraday Support

1.3208 - Weekly Pivot

1.3263 - WR1

1.3412 - WR2

1.3416 - Intraday Resistance

Trading recommendations:

Both TP levels set at the beginning of the week were hit yesterday, so all buy order should be now closed or put on the trailing stop.

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

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