Technical analysis of USD/CAD for October 1, 2015 Market Analysis Review

General overview for 01/10/2015 10:00 CET

Yesterday's attempt to label the current wave progression as impulsive has been invalidated due to wave i and wave ii overlaps. Currently, the count has been updated and now two scenarios are possible. Main scenario indicates a developing ending diagonal pattern in big wave 5 purple. An alternative scenario indicates an uncompleted wave 4 purple that is developing into more complex and time consuming corrective structure.

Support/Resistnace:

1.3455- Swing High

1.3451- WR1

1.3370 - Intraday Resistnace

1.3312 - Weekly Pivot

1.3270 - Intraday Support

1.3232 - Intraday Support

1.3208 - WS1

Trading recommendations:

Day traders should consider opening sell orders from the level of 1.3312 with SL above the level of 1.3317 and TP at the level of 1.3270.

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

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