Technical analysis of USD/CAD for January 13, 2016 Market Analysis Review

General overview for 13/01/2016:

As anticipated yesterday, the target for wave 5 has been hit and now the market might start to develop an impulsive downside structure. Nevertheless, to confirm this outlook the price must break first below the technical support at the level of 1.4187 and then below the previous wave four lows at the level of 1.4055. Otherwise, the extension in wave 5 might be stretched even higher.

Support/Resistance:

1.4355 - WR1

1.4314 - Intraday Resistance

1.4271 - Wave 5 Target Projection

1.4214 - Intraday Support

1.4187 - Technical Support

1.4098 - Weekly Pivot

1.4010 - WS1

Trading recommendations:

Daytraders should consider opening sell orders from the current market levels with SL just above the level of 1.4314 and TP at the level of 1.4055.

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

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