General overview for 07/01/2016:
The projected target at the level of 1.04058 has been hit, but the market moved even higher as the fifth wave is still in progress. Please notice the visible bearish divergence between the price and momentum oscillator that is supporting the view. The top of the wave five might be established any time.The long-term resistance for the price is in the monthly time frame is around the level of 1.4300.
Support/Resistance :
1.4058 - WR3
1.4107 - Intraday Support
1.4000 - Round Number Support
1.3932 - WR2
1.3872 - Weekly Pivot
Trading recommendations:
Day traders that still have buy orders open from Monday should move their SL to the level of 1.4107 as the uptrend might terminate any time soon.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for January 7, 2016 . Thanks for your support.
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