17.01.201710:15 Forex Analysis & Reviews: Technical analysis of USD/CAD for January 17, 2017

General overview for 17/01/2017:

The high of the wave b (purple) has been made at the level of 1.3188 and now the market is trying to unfold the last wave down - c (purple).The most important level of the day is intraday support at the level of 1.3026 that will act as an invalidation level for the alternative green impulsive count as well. On the other hand, any violation of the intraday resistance at the level of 1.3293 will immediately invalidate the main count and the alternative scenario will replace it.

Support/Resistance:

1.2994 - WS1

1.3026 - Intraday Support

1.3143 - Weekly Pivot

1.3188 - Intraday Resistnace

1.3259 - WR1

1.3293 - Techncal Resistance

1.3408 - WR2

Trading recommendations:

Day traders should consider opening buy orders only if the level of 1.3293 is clearly violated. TP should be left open for now, while the first logical level is the weekly pivot resistance at the level of 1.3408.