FX.co ★ Technical analysis of USD/CAD for January 23, 2015

General overview for 22/01/2015 09:40 CET

The last impulsive wave to the upside labeled as wave -v- blue might have been completed as an ending diagonal pattern. This would mean the market might now start a more deeper corrective cycle in the wave iv black before one more wave to the upside will be done. The key level for intraday traders is the intraday support at the level of 1.2310, and any breakout lower would mean the top for the wave iii black is in place and corrective cycle has started.

Support/Resistance:

1.2418 - Swing High

1.2342 - WR3

1.2310 - Intraday Support

1.2192 - WR2

Trading recommendations:

Daytraders and swingtraders should now close all buy positions that were still open and wait for corrective cycle to complete before opening another buy positions for last wave to the upside.