Technical analysis of USD/CAD for November 23, 2015 Market Analysis Review

General overview for 23/11/2015 11:25 CET

There are still two possible scenarios for this pair. Scenario one describes the main count, which is a triple-three complex corrective cycle to the upside labeled as WXYXXZ and it is a part of the triangle wave B purple. Scenario two describes an alternative count, which is an impulsive wave progression to the upside where wave (i) and (ii) had been completed and now the market is in wave (iii) stage. This means we should have see a spike up above the swing top at the level of 1.3254.

Support/Resistance:

1.3454 - Swing High

1.3443 - WR2

1.3403 - WR1

1.3369 - Intraday Support

Trading recommendations:

Day traders should consider placing buy orders from current price levels, with SL below the level of 1.3380 and TP set at the level of 1.3447.

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