Technical analysis of USD/CAD for November 4, 2015 Market Analysis Review

General overview for 04/11/2015 07:50 CET

The current corrective wave development looks incomplete. The price action inside the golden channel is clearly corrective in nature. Moreover, the corrective cycle needs one more push lower to complete the wave c green and therefore wave X brown.

Support/Resistance:

1.2954 - WS1

1.3038 - Intraday Support

1.3115 - Weekly Pivot

1.3165 - Intraday Resistnace

Trading recommendations:

Day traders should consider opening sell orders only if the intraday support at the level of 1.3038 is clearly violated. SL should be placed tight (15-20 pips) and TP should be placed at the level of 1.2954.

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