FX.co ★ Technical analysis of USD/CAD for January 9, 2015

General overview for 09/01/2015 10:30 CET

The market is trading inside of the intraday trading range between the levels of 1.1795 - 1.1872 and it is still developing the suggested triangle pattern in intraday wave -iv- of the overall impulsive wave progression. The orange rectangle area is still valid as a projected target zone and the price is expected to at least touch it before any meaningful correction will happen. Please notice that the market is still in the bullish zone and only a breakout below the weekly pivot at the level of 1.1752 would temporary change the intraday bullish outlook.

Support/Resistance:

1.1935 - WR1

1.1897 - 1.1912 - Projected Target Zone for Wave 5 Purple

1.1872 - Intraday Resistance

1.1795 - Intraday Support

1.1753 - Weekly Pivot

Trading recommendations:

There is one more wave needed to complete the wave progression to the upside. The target is still the orange rectangle zone between the levels of 1.1897 - 1.1912. After hitting this target zone, the price should reverse downside in a counter-trend internal corrective cycle.