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Technical analysis of USD/CAD for December 4, 2015

General overview for 04/12/2015 09:00 CET

The current price action confirms that a possible pattern, which is unfolding now, looks like a triangle. An upward spike above the intraday resistance at the level of 1.3433 and then reversal is very possible after the important news release expected later today.

Support/Resistance:

1.3447 - WR1

1.3433 - Intraday Resistance

1.3362 - Weekly Pivot

1.3290 - WS1

1.3279 - Intraday Support

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur, because current risk to reward ratio is too big for any trade. Patience is needed.

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