Technical analysis of USD/CAD for December 22, 2016

General overview for 22/12/2016:

The market broke out of the trading range and now is trying to test 78% Fibo at the level of 1.3479. The level of 1.3433 will act as an intraday support now as a market approaches the resistance level. Please notice, the growing bearish divergence between the price and momentum oscillator.

Support/Resistance:

1.3503 - WR1

1.3479 - 78%Fibo

1.3433 - Intraday Support

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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