Technical analysis of USD/CAD for October 20, 2015 Market Analysis Review

General overview for 20/10/2015 09:45 CET

On the hourly chart, we can see a potential impulsive wave development to the upside that currently has three waves up. One more wave up is needed to complete the structure, but the price can not go below the invalidation line at the level of 1.2938. On the other hand, bullish upward cycle will be confirmed with a daily close above 1.3080 level ( inside the bullish zone).

Support/Resistnace:

1.3079 - Intraday Resistnace

1.3067 - WR1

1.2955 - Intraday Support

1.2935 - Weekly Pivot

1.2938 - Invalidation Level

Trading recommendations:

Yesterday's take profit level has been hit and profit were made. For today, daytraders should consider buying the intraday support at the level of 1.2955 with SL just below 1.2935 and TP at the level of 1.3080.

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

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