FX.co ★ Technical analysis of USD/CAD for December 18, 2015

The main count has been slightly changed to incorporate another higher high in this market. The bearish divergence has been invalidated, which means the last wave to the upside will be extended with a high probability of a long spike up before potential reversal. The level of 1.3874 is the line in sand for bulls, because any violation of this level will cause purple count invalidation.

Support/Resistance: 1.4032 - WR 21.3926 - WR 11.3847 - Intraday Support 1.3646 - Weekly Pivot Trading recommendations:

Yesterday's TP for buy orders was hit and profits were made. For today day traders should consider buying on dips in this market with SL below the level of 1.3847 and TP at the level of 1.3984.