Technical analysis of USD/CAD for January 14, 2016 Market Analysis Review

General overview for 14/01/2016:

The market entered the fifth wave extension cycle that might push the prices higher to complete the cycle. Nevertheless, any violation of the level of 1.4242 would indicate a fifth wave extension invalidation and first clue the top is in place. Please notice the impulsive wave progression has not been completed yet.

1.4382 - Intraday Resistance

1.4355 - WR1

1.4314 - Intraday Support

1.4187 - Technical Support

1.4098 - Weekly Pivot

1.4010 - WS1

Trading recommendations:

Day traders should refrain from trading this pair and wait for a better opportunity to occur.

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

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