Technical analysis of USD/CAD for January 11, 2016 Market Analysis Review

General overview for 11/01/2016:

The impulsive wave progression to the upside looks completed as all five waves, including five sub-waves in wave 3 purple, are present. The confirmation of the top will come with the daily close below the level of 1.4046, which is now an intraday support. Please notice the growing bearish momentum between the price and momentum oscillator.

Support/Resistance:

1.4355 - WR1

1.4186 - Intraday Resistance

1.4098 - Weekly Pivot

1.4046 - Intraday Support

1.4010 - WS1

Trading recommendations:

Daytraders should open sell orders from current market levels with SL just above the last swing high at the level of 1.4186 and TP at the level of 1.4046.

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

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