Technical analysis of USD/CAD for October 9, 2015 Market Analysis Review

General overview for 09/10/2015 09:30 CET

The current downward wave development is about to terminate as the whole move downward looks completed. The suggested wave alternative count where wave (iv) green should travel a little higher in order to complete the corrective cycle, which was invalidated. Now only the main count is valid. One small sub-wave is needed to complete wave (v) green of wave (c) blue and the projected target is around the level of 1.2919.

Support/Resistance:

1.3229 - Weekly Pivot

1.3217 - Green Impulsive Count Invalidation Level

1.3133 - Intraday Resistance

1.3062 - Intraday Resistance

1.3000 - WS1

1.2970 - Intraday Support

Trading recommendations:

Swing traders should consider opening buy orders from the current levels with SL below the level of 1.2900 and TP open for now.

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