Technical analysis of USD/CAD for October 13, 2015 Market Analysis Review

General overview for 13/10/2015 09:00 CET

As we had anticipated, the market rebounded higher after completing the wave (c) blue and performing the overall corrective structure in wave 4 purple. Currently, the market is trading below the key resistance at 1.3070/ Any breakout higher will open the road to the level of 1.3130.

Support/Resistance:

1.2900 - Technical Support

1.2990 - Intraday Support

1.2996 - Weekly Pivot

1.3070 - Intraday Resistance

1.3092 - WR1

Trading recommendations:

Yesterday's buy orders should be still in play. The Sl should be moved higher to the level of 1.3000. The projected TP from yesterday was missed by 8 pips so far.

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