Technical analysis of USD/CAD for December 28, 2015 Market Analysis Review

General overview for 28/12/2015 08:20 CET

AAs anticipated last week, wave 4 black is now developing in a corrective mode in the market. The first three waves look completed, but there is still a chance the whole structure will evolve into more complex and time-consuming pattern like triangle or complex corrective structure.

Support/Resistance:

1.4041 - WR2

1.4000 - Intraday Resistance

1.3927 - WR1

1.3870 - Weekly Pivot

1.3815 - Intraday Support

1.3748 - WS1

1.3693 - WS2

Trading recommendations:

Day traders should consider placing buy orders from current market levels with SL below the level of 1.3815 and TP at the level of 1.3870.

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