Technical analysis of USD/CAD for January 5, 2015 Market Analysis Review

General overview for 05/01/2015 12:00 CET

Just as anticipated during the whole last week, the price has moved impulsively higher, making another swing high at the level of 1.1842 and hitting the projected target levels. Currently there are two possible counts to consider. The first one indicates the possible top in this market as the green five wave impulsive structure has been completed. The alternate one (tracked on H1 chart) indicates more bullish wave progression until the level of 1.1935 min. will be hit. This alternate scenario is very bullish and might suggest that the targets over the level of 1.2000 might be hit with ease. Nevertheless, on an intraday time frame the most important level is the intraday support at the level of 1.1761 and only a breakout below this level would push the price lower to enter the range zone and test the technical support at the level 1.1671. Otherwise, the bias is still bullish.

Support/Resistance:

1.1935 - WR1

1.1842 - Intraday Resistance

1.1761 - Intraday Support

1.1752 - Weekly Pivot

1.1671 - Technical Support

Trading recommendations:

Daytraders should consider to open buy orders from current market levels with SL below the level of 1.1761 and TP at the level of 1.1842.

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



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