Technical analysis of USD/CAD for September 17, 2015 Market Analysis Review

General overview for 17/09/2015 08:30 CET

Yesterday's downside breakout made the price hit the weekly pivot support and intraday support at the level of 1.3153. It slightly reversed back to the level of 1.3178. 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). In the mean time, market participants are awaiting the Fed's meeting interest rate decision and press conference.

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 become visible.

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

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