FX.co ★ Technical analysis of USD/CAD for January 6, 2016

General overview for 06/01/2016:

As anticipated yesterday, an impulsive wave progression to the upside has been broken above the 1.4000 level. Moreover, the overall cycle has not been completed yet as there are missing internal waves to the upside. The first projected target is at the level of 1.4058.

Support/Resistance :

1.4058 - WR3

1.4018 - Intraday Support

1.4000 - Round Number Support

1.3932 - WR2

1.3872 - Weekly Pivot

Trading recommendations:

Buy orders opened on Monday should be ready for closure as the projected TP has been set at the level of 1.0458.