FX.co ★ Technical analysis of USD/CAD for January 2, 2017

General overview for 02/01/2017:

The corrective cycle continues in this market. The 38%Fibo at the level of 1.3400 has just been tested and might act as an important intraday support. In case of a further corrective extension to the downside, the next supports are seen at the levels of 1.3340 and 1.3278.The longer-term outlook remains bullish unless the techncial support at the level of 1.03080 is cleary violated.

Support/Resistance:

1.3666 - WR2

1.3598 - Wave 1 Top

1.3539 - WR1

1.3470 - Weekly Pivot

1.3459 - Intraday Resistance

1.3400 - 38%Fibo

1.3340 - 50%Fibo

1.3278 - 61%Fibo

Trading recommendations:

Daytraders should still consider buying the dips in this market as the upward wave progression is uncompleted.