Technical analysis of USD/CAD for October 26, 2015 Market Analysis Review

General overview for 26/10/2015 07:50 CET

An alternative count has been added to overall labeling. This count indicates a possible continuation of a corrective cycle in wave 4 purple in case it evolves into a more complex pattern. The main count however is still pointing upwards as the market traders inside the bullish zone. The waves (i) and (ii) green looks completed, so now it might be the time to develop a more vertical move upward in wave (iii) green.

Support/Resistnace:

1.2812 - WS2

1.2858 - Technical Support

1.3019 - WS1

1.3044 - Intraday Support

1.3109 - Weekly Pivot

1.3197 - Intraday Resistance

1.3316 - WR1

Trading recommendations:

Day traders should consider buying on dips in this market, with SL below the level of 1.3044 and TP above 1.3197.

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

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