Technical analysis of USD/CAD for October 19, 2015 Market Analysis Review

General overview for 19/10/2015 08:00 CET

The pair is trading around the weekly pivot at the level of 1.2935 and just under the intraday resistance at the level of 1.2956. To continue with a bullish wave progression, the price must break of the golden channel and head higher to the border of the neutral zone at the level of 1.3070.

Support/Resistance:

1.2831 - Intraday Support

1.2856 - Technical Support

1.2935 - Weekly Pivot

1.2956 - Intraday Resistance

1.3036 - WR1

1.3070 - Technical Resistance

Trading recommendations:

Day traders should consider opening buy orders only if the level of 1.2956 is clearly violated. SL should be set tight (15-20 pips) and TP should be placed at the level of 1.3036.

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