19.01.201711:56 Forex Analysis & Reviews: Technical analysis of USD/CAD for January 19, 2017

General overview for 19/01/2017:

The market reversed strongly to the upside and now is trading just below 50%Fibo of the last swing down. The gray rectangular zone is the first target projection area for wave 1/a (main count) or wave 2/b (alternative count). In case of a further breakout higher, the next resistance is seen at the 61%Fibo at the level of 1.3377. Those levels are the key resistance levels for the day, because the price might start to stall/reverse at one of those levels and move lower in order to test the intraday support at the levle of 1.3188.

Support/Resistance:

1.2883 - WS2

1.2994 - WS1

1.3143 - Weekly Pivot

1.3188 - Intraday Support

1.3259 - WR1

1.3308 - Technical Resistance

1.3377 - 61%Fibo

1.3408 - WR2

Trading recommendations:

Day traders should keep the buy orders that are in play already, but the TP should be set lower than 1.3408 and for this two levels are appropriate: 1.33308 and 1.3377.