Technical analysis of USD/CAD for December 9, 2015 Market Analysis Review

General overview for 09/12/2015 11:20 CET

Another marginal high has been reached and the top for the wave B purple might now be in place at the level of 1.3621. The bearish divergence between the price and the momentum oscillator supports the view, but to confirm this, the market must breakout lower into the neutral (yellow) zone again.

Support/Resistance:

1.3621 - Swing High

1.3607 - Intraday Resistance

1.3555 - WR3

1.3547 - Intraday Support

1.3517 - Technical Support

Trading recommendations:

Day traders should consider placing sell orders from current levels with tight SL and TP at the level of 1.3547.

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