FX.co ★ Technical analysis of USD/CAD for January 24, 2017

General overview for 24/01/2017:

The bottom for the wave 2/b (green) might be in place at the level of 1.3212. The price moved higher above the intraday support at the level of 1.3252 and now is threating to violate the intraday golden trend line. Any breakout above it will be another clue, that the bottom for wave 2/b is in place, nevertheless, the bulls must still break out above the wave 1/a (green) high at the level of 1.3386 to confirm the bottom.

Support/Resistance:

1.3018 - Technical Support

1.3137 - WS1

1.3189 - Technical Support

1.3252 - Intraday Support

1.3261 - Weekly Pivot

1.3386 - Intraday Resistance

1.3507 - WR1

Trading recommendations:

The head and shoulder pattern might be completed. If the golden trend line is clearly violated, then only buy orders should be opened with SL below the level of 1.3212 and TP at the level of 1.3386.