Technical analysis of USD/CAD for September 16, 2015 Market Analysis Review

General overview for 16/09/2015 08:20 CET

This market has been awaiting the important fundamental news release, the Fed's meeting, and its interest rate decision since the beginning of the last week. A clear distribution pattern is currently in progress and any breakout below the level of 1.3114 will support the bearish outlook. A breakout above the level of 1.3325 will invalidate an impulsive bearish count. It is expected to reach a new high above the level of 1.3352 (it will be the last high in this market anyway).

Support/Resistnace:

1.3399 - WR2

1.3353 - Swing High

1.3334 - WR1

1.3325 - Intraday Resistnace

1.3243 - Weekly Pivot

1.3178 - WS1

1.3152 - Intraday Support

1.3136 - Intraday Support

1.3114 - Technical Support

Trading recommendations:

Daytraders should refrain from trading until one of the levels is violated and more clear pattern will be visible.

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

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