FX.co ★ Technical analysis of USD/CAD for January 22, 2016

General overview for 22/01/2016:

An alternative count has been added to the scenario in order to indicate the next best count if the main count is invalidated. The invalidation line is seen at the level of 1.4187 ( wave (1) top), so any violation would mean the top for the wave (50 blue and 5 black) might be in place.

Support/Resistance:

1.4835 - WR1

1.4690 - Local High

1.4445 - Weekly Pivot

1.4323 - Intraday Resistance

1.4292 - WS1

1.4226 - Intraday Support

1.4187 - Invalidation Level

Trading recommendations:

Day traders should refrain from trading in this market and wait for a better trading setup to occur.