04.01.201610:27 Forex Analysis & Reviews: Technical analysis of USD/CAD for January 4, 2016

Long-term review

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General overview for 04/01/2016 09:00 CET

The corrective cycle in wave 4 might be completed as the triangle pattern on this pair is clearly visible. There is still one more wave up needed to complete the impulsive wave progression, but confirmation for this wave come with the violation of the round number of 1.4000. The last wave 5 will have a new high above this level.

Support/Resistance:

1.4058 - WR3

1.4000 - Round Number Resistance|WR2|

1.3923 - WR1

1.3872 - Weekly Pivot

1.3814 - Intraday Support

1.3807 - WS1

Trading recommendations:

Daytraders should consider buying on the dips in this market with SL below the level of 1.3814 and TP open for now.

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