Technical analysis of USD/CAD for January 20, 2014

General overview for 20/01/2014 08:40 CET

The anticipated target level for wace c purple to at 1.0983 has been hit.

Currently the corrective cycle might be finished and price should react more to the downside.

First confirmation will be golden trendline break to the downside. On the other hand, any new high invalidates bearish scenario and count will be revised.

Support/Resistance:

1.1037 – WR1

1.0989 – Swing High

1.0983 – Intraday Resistance

1.0934 – Weekly Pivot

1.0929 – Intraday Support

1.0902 – Intraday Support

1.0888 – WS1

1.0790 – WS2

Trading recommendations:

Short positions should be in play here with entry at the current price level and with SL above the level of 1.0991 and TP at the level of 1.0902.

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