For Traders

Analytical Reviews

Wave analysis

20.01.201711:12 Forex Analysis & Reviews: Technical analysis of USD/CAD for January 20, 2017

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 20/01/2017:

The pair has broken above the 50% Fibo at the level of 1.3308 and now the bulls are trying to test the next resistance at the level of 1.3377. There are still two scenarios in this market and so far none of them has been invalidated. Importantly, there is a bearish divergence between the price and the momentum oscillator, which supports the bearish outlook for today as well.

Support/Resistance:

1.2883 - WS2

1.2994 - WS1

1.3143 - Weekly Pivot

1.3259 - WR1

1.3284 - Intraday Support

1.3358 - IntradayResistance

1.3377 - 61%Fibo

1.3408 - WR2

Trading recommendations:

Day traders who set the TP at the level of 1.3308 should have gained profit by now. Those who are still waiting for TP2 at the level of 1.3377, should move the SL for this trade to the level of 1.3283.

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.