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

General overview for 20/11/2015 13:30 CET

The three-wave downside move has been completed, and now intraday corrective sub-cycle is unfolding. Any breakout above the recent swing high at the level of 1.3368 will invalidate the current count and make the corrective cycle more complex and time-consuming.

Support/Resistance:

1.3375 - WR1

1.3368 - Intraday Resistance

1.3298 - Weekly Pivot

1.3245 - Intraday Support

1.3250 - WS1

1.3222 - Wave b Bottom

Trading recommendations:

Day traders should consider placing sell orders from current market levels with SL above the level of 1.3333 and TP at the level of 1.3222.

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

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for November 20, 2015 . Thanks for your support.