Technical analysis of USD/CAD for December 21, 2015 Market Analysis Review

General overview for 21/12/2015 07:50 CET

After very short wave 4 purple the top for the wave 5 purple has been made at the level of 1.4000. Currently, any breakout below the level of 1.3847 will be a top conformation, and further development in corrective wave 4 black is anticipated.

Support/Resistance:

1.4100 - WR1

1.4000 - Intraday Resistance

1.3888 - Weekly Pivot

1.3847 - Intraday Support

1.3776 - WS1

Trading recommendations:

Day traders should consider placing sell orders from current market levels with SL above the level of 1.4000 and TP at the level of 1.3847.

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

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