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17.12.2015 10:42 AM
Technical analysis of USD/CAD for December 17, 2015

General overview for 17/12/2015 09:30 CET

The main count has been invalidated and the alternative count is in play now. This alternative count indicates a possible impulsive wave progression from a low of 1.2850, which is about to complete. Currently, the market is in the corrective sub-cycle (wave 4 black) and there is one more wave to the upside missed ( wave 5 black) to complete the impulsive cycle. This last wave ( wave 5 purple) is the last one in a greater cycle progression. It might end the whole advance that started at the level of 0.9428.

Support/Resistance:

1.3926 - WR1

1.3847 - Intraday Resistance

1.3677 - Intraday Support

1.3646 - Weekly Pivot

Trading recommendations:

Day traders should consider buying on dips in this market with SL below the level of 1.3677 and TP at the level of 1.3928.

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