Technical analysis of USD/CAD for October 16, 2015 Market Analysis Review

General overview for 16/10/2016 08:45 CET

The price touched the golden trend line on the H4 chart, and now the market is ready to start another wave up to complete the cycle. In the lower time frames, the price is still inside the golden channel, so any breakout higher will be considered bullish.

Support/Resistnace:

1.2858 - Technical Support

1.2900 - Intraday Resistnace

1.2956 - Intraday Resistnace

1.2996 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening buy orders at current market levels with tight SL (20-30 pips) and open TP for now.

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

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