01.12.201409:12 Forex Analysis & Reviews: Technical analysis of USD/CAD for December 1, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

General overview for 01/12/2104 08:00 CET

The impulsive wave progression to the upside has not been completed yet. There is at least one more wave to the upside to be made unless the extension happens. The most important support is the technical support at the level of 1.1367, just below the weekly pivot at the level of 1.1379. Currently, the market is in a corrective cycle (sub-wave iv black) and when this cycle is completed the uptrend should resume.

Support/Resistance:

1.1465 - Swing High

1.1453 - Intraday Resistance

1.1422 - Intraday Support

1.1379 - Weekly Pivot

1.1367 - Technical Support

Trading recommendations:

Traders should consider buying the dips as the market has to complete one more wave to the upside. All SL should be placed below the level of 1.1376.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.