Technical analysis of USD/CAD for December 21, 2016

General overview for 21/12/2016:

The bottom for the wave (ii) (green) might be in place at the level of 1.3322, but the bearish divergence indicates the intraday correction is going to occur shortly. Nevertheless, the next intraday resistance is seen at 78% Fibo at the level of 1.3479, but the market has failed to test this resistance as the volatility is getting lower just before the Christmas holidays. The market got back to the trading range and now trades are around 615 Fibo at the level of 1.3394.

Support/Resistance:

1.3503 - WR1

1.3433 - Intraday Resistance

1.3322 - Intraday Support

1.3292 - Weekly Pivot

1.3269 - Intraday Support

1.3167 - WS1

Trading recommendations:

The buy orders should be still kept open. TP should be set at the level of 1.3479.

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

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