FX.co ★ Technical analysis of USD/CAD for January 20, 2016

General overview for 20/01/2016:

The long-term and short-term Elliott wave counts were updated due to the inconsistency in the scenarios and permanent new higher highs. The current count is still pointing that the bullish impulsive trend is still in play and there are incomplete sub-cycles to the upside, both in long and short terms. Currently, in the hourly time frame, the wave 5 is getting very extended, but there are still no signs of trend reversal. The next projected target for wave 5 is seen at the level of 1.4835.

Support/Resistance:

1.4835 - WR1

1.4755 - Wave (3) Target Projection

1.4603 - Intraday Support

1.4445 - Weekly Pivot

Trading recommendations:

Buying on dips is the correct way to trade on this market until the trend reversal.