Technical analysis of USD/CAD for January 4, 2017

General overview for 04/01/2017:

The wave b (green) is now completed and the market is unfolding wave c (green) to the downside. The projected target levels for this wave are 50%Fibo at 1.3340 and 61%Fibo at 1.3278. When one of this levels is hit, then the uptrend should resume. The longer-term outlook remains bullish unless the technical support at the level of 1.03080 is clearly violated.

Support/Resistance:

1.3666 - WR2

1.3598 - Wave 1 Top

1.3539 - WR1

1.3470 - Weekly Pivot

1.3461 - Intraday Resistance

1.3387 - Intraday Resistance

1.3400 - 38%Fibo

1.3387 - Intraday Support

1.3340 - 50%Fibo

1.3278 - 61%Fibo

Trading recommendations:

Daytraders should still consider buying the dips in this market as the upward wave progression is uncompleted.

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

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