Technical analysis of USD/CAD for December 23, 2014 Market Analysis Review

General overview for 23/12/2014 12:05 CET

The wave progression is developing, as it was anticipated yesterday, and with very limited market moves the price stays inside the trading range. Current wave progression indicates a possible triangle formation in wave Y brown and an upside breakout above the level of 1.1672 to complete wave 5 purple. The first target projection for this wave is at the level of 1.1733. Only a breakout below the level of 1.1500 would invalidate this scenario. Please notice that the mid- and longer-term bias are bullish, and new highs are expected.

Support/ Resistance:

1.1733 - WR2

1.1672 - WR1

1.1645 - Intraday Resistance

1.1610 - Weekly Pivot

1.1558 - Intraday Support

1.1546 - WS1

1.1500 - Technical Support

Trading recommendations:

The corrective cycle in wave Y brown has not been completed yet, but traders should consider opening only buy orders from the current price levels. SL orders, like yesterday, should be placed below the level of 1.1558 and TP at the level of 1.1672 with a possible extension upside to the level of 1.1733.

The material has been provided by InstaForex Company - www.instaforex.com



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