Technical analysis of USD/CAD for December 2, 2015 Market Analysis Review

General overview for 02/12/2015 12:20 CET

Ahead of the important news release delivered from the US, the market is consolidating around the weekly pivot at the level of 1.3362. Upward wave development was not strong enough to breakout above the golden trend-line dynamic resistance. Please notice the market is still trading inside the bullish zone and only a sustained breakout below the support at the level of 1.3223 would change the short-term bullish outlook.

Support/Resistance:

1.3447 - WR1

1.3433 - Intraday Resistance

1.3362 - Weekly Pivot

1.3290 - WS1

1.3279 - Intraday Support

Trading recommendations:

Day traders should refrain from trading and wait for a better pattern to occur.

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