FX.co ★ Technical analysis of USD/CAD for December 1, 2016

General overview for 01/12/2016:

The bottom for the wave c (green) might be already in place and that would mean the wave (a) (blue) has been completed as well. The low of this wave at the level of 1.3355 will now act as an intraday support, so if the count is correct, the market should now move higher towards the golden trend line resistance around the level of 1.3500. As a possible wave (b) is in progress, the structure here might get complex and time-consuming.

Support/Resistance:

1.3588 - Local High

1.3583 - WR1

1.3464 - Intraday Resistance

1.3482 - Weekly Pivot

1.3429 - WS1

1.3355 - Intraday Support

1.3323 - WS2

Trading recommendations:

As the corrective cycle is still unfolding, daytraders should open only sell orders around the level of 1.3482 as there is incomplete wave progression to the downside. The first TP should be set at the level of 1.3233.