Technical analysis of USD/CAD for January 6, 2017 - Forex247

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Friday, January 6, 2017

Technical analysis of USD/CAD for January 6, 2017

General overview for 06/01/2017:

The wave c (green) is now terminated at the level of 1.3191 which is at 78%Fibo of the overall swing upward. This means, that if the whole cycle in wave 2 (blue) is now completed, then the wave 3 (blue) to the upside should now unfold. The first important key resistance zone is the gray rectangular area between the levels of 1.3387 and 1.3400. Only a sustained breakout above this level would confirm the bullish impulsive scenario. Otherwise, the market might get back to the trading range and trade sideways.

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

1.3254 - Intraday Resistance

1.3191 - 78%Fibo | Intraday Support

Trading recommendations:

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

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

From www.instaforex.com http://ift.tt/2iPrbPw

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