FX.co ★ Technical analysis of USD/CAD for December 21, 2015

General overview for 21/12/2015 07:50 CET

After very short wave 4 purple the top for the wave 5 purple has been made at the level of 1.4000. Currently, any breakout below the level of 1.3847 will be a top conformation, and further development in corrective wave 4 black is anticipated.

Support/Resistance:

1.4100 - WR1

1.4000 - Intraday Resistance

1.3888 - Weekly Pivot

1.3847 - Intraday Support

1.3776 - WS1

Trading recommendations:

Day traders should consider placing sell orders from current market levels with SL above the level of 1.4000 and TP at the level of 1.3847.