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

General overview for 06/12/2016:

After the intraday resistance at the level of 1.3356 had been rejected, the market made another marginal lower low at the level of 1.3235. The downside seems to be limited now as the price can not break out of the dased blue channel in an impulsive fashion. Please pay attention that the bullish divergence between the price and momentum oscillator supports the bullish view.

Support/Resistance:

1.3235 - Intraday Support

1.3342 - Weekly Pivot

1.3356 - Intraday Resistance

1.3431 - WR1

1.3464 - Wave b High

Trading recommendations:

Day traders should open buy orders only if the level of 1.3356 is clearly violated. Otherwise, the sideways price action does not justify any trade for now.