Technical analysis of USD/CAD for January 8, 2015

General overview for 08/01/2015 10:20 CET

The internal corrective cycle in the last impulsive wave to the upside is in progress and the suggested corrective pattern is a triangle. Still the projected orange zone is the valid target for wave 5 purple before any meaningful decline will happen. Please noteу that the market is still in the bullish zone and only a breakout below the weekly pivot at the level of 1.1752 would temporary change the intraday bullish outlook.

Support/Resistance:

1.1935 - WR1

1.1897 - 1.1912 - Projected Target Zone for Wave 5 Purple

1.1872 - Intraday Resistance

1.1806 - Intraday Support

1.1753 - Weekly Pivot

Trading recommendations:

Yesterday's buy orders has been stopped out for a small loose but overall bias is still bullish as there is one more wave to complete the wave development. Target is still the orange rectangle zone between the levels of 1.1897 - 1.1912.

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