Technical analysis of USD/CAD for December 13, 2016
December 13, 2016 10:42 am
General overview for 13/12/2016:
After hitting the 78%Fibo at the level of 1.3129 the market is consolidating in a tight range just above the intraday support. The bottom for the wave c (green) still holds the support line. The whole down move is the last part of the big abc correction, so now the market should try to rally higher. To do this, the bulls must break out above the dashed blue channel resistance around the level of 1.3263. A failure there might indicate a further deterioration lower.
Support/Resistance:
1.3061 – WS1
1.3111 – Intraday Support
1.3169 – Intraday Resistance
1.3208 – Weekly Pivot
1.3263 – WR1
1.3412 – WR2
Trading recommendations:
Day traders should consider opening only buy orders with tight SL. Any violation of the level of 1.3169 would indicate a further rally towards 1.3208 first and 1.3263 then.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
General overview for 13/12/2016:
After hitting the 78%Fibo at the level of 1.3129 the market is consolidating in a tight range just above the intraday support. The bottom for the wave c (green) still holds the support line. The whole down move is the last part of the big abc correction, so now the market should try to rally higher. To do this, the bulls must break out above the dashed blue channel resistance around the level of 1.3263. A failure there might indicate a further deterioration lower.
Support/Resistance:
1.3061 – WS1
1.3111 – Intraday Support
1.3169 – Intraday Resistance
1.3208 – Weekly Pivot
1.3263 – WR1
1.3412 – WR2
Trading recommendations:
Day traders should consider opening only buy orders with tight SL. Any violation of the level of 1.3169 would indicate a further rally towards 1.3208 first and 1.3263 then.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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