InstaForex - Analytics

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Technical analysis of USD/CAD for December 7, 2015

General overview for 07/12/2015:

The corrective cycle continues in a tight range between the levels of 1.3433 and 1.3279. The pattern inside of the yellow neutral zone looks like a complex corrective structure. When it is completed, then another wave upward is anticipated.

Support/Resistance:

1.3433 - Technical Resistance

1.3232 - WR1

1.3362 - Weekly Pivot

1.3310 - WS1

1.3279 - Intraday Support

1.3240 - WS1

Trading recommendations:

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

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