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14.12.201509:40 Forex Analysis & Reviews: Technical analysis of USD/CAD for December 14, 2015

Long-term review

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General overview for 14/12/2015 08:30 CET

An ending diagonal idea has been invalidated as there is no wave one and wave four overlap. The whole wave 5 looks more like a typical impulsive wave. Please notice the bearish divergence supports the view that the top for the wave B purple is in place, and to confirm the top the market must break below the technical support level of 1.3621.

Support/Resistance:

1.3756 - Intraday Resistance

1.3679 - Intraday Support

1.3646 - Weekly Pivot

1.3621 - Technical Support

Trading recommendations:

Swing traders should consider closing long-term buy orders as the cycles in the higher time frames suggests possible completion of the five wave impulsive development and an imminent corrective cycle ahead.

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