FX.co ★ Technical analysis of USD/CAD for December 23, 2016

General overview for 23/12/2016:

The market is trading around the weekly pivot resistace at the level of 1.3505. The level of 1.3433 will act as an intraday support now as the market approaches the resistance level. Pay attention to the growing bearish divergence between the price and momentum oscillator.

Support/Resistance:

1.3503 - WR1

1.3479 - 78%Fibo

1.3433 - Intraday Support

1.3322 - Intraday Support

1.3292 - Weekly Pivot

1.3269 - Intraday Support

1.3167 - WS1

Trading recommendations:

The buy orders should be closed with profit at the level of 1.3479. Currently, traders should wait for another trading setup to occur shortly.