05.01.201608:30 Forex Analysis & Reviews: Technical analysis of USD/CAD for January 5, 2016

Long-term review

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General overview for 05/01/2016 07:30 CET

The corrective cycle in the wave 4 might be completed as the triangle pattern on this pair is clearly visible. Nevertheless, the current upward move is not a clear five-wave progression and the market is still trading inside the neutral zone. There is still one more wave up needed to complete the impulsive wave progression, but confirmation for this wave come with the violation of the round number of 1.4000. The last wave 5 will have a new high above this level.

Support/Resistance:

1.4058 - WR3

1.4000 - Round Number Resistance|WR2|

1.3923 - WR1

1.3872 - Weekly Pivot

1.3814 - Intraday Support

1.3807 - WS1

Trading recommendations:

The buy orders from yesterday should be still kept open. SL below the level of 1.3814 and TP open for now.

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