Technical analysis of USD/CAD for October 28, 2015 Market Analysis Review

General overview for 28/10/2015 07:50 CET

The price is moving inside the black channel. It has already moved above the 61% Fibo level. The wave development is still impulsive, but the current internal structure indicates a possible corrective sub-cycle to be made soon as wave -iv- blue develops. The internal invalidation line is at the level of 1.3197 ( intraday support). The first projected target for wave -v- is seen at the level of 1.3316.

Support/Resistance:

1.3316 - WR1

1.3278 - Intraday Resistance

1.3197 - Intraday Support

1.3109 - Weekly Pivot

Trading recommendations:

The stop loss orders for all open buy orders should now be moved higher and set at the level of 1.3277. TP level is still at the level of 1.3316.

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

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