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

General overview for 09/11/2015 10:10 CET

Wave X brown had been completed in shape of a triangle pattern. Now, the market continues to move higher to complete the wave Y brown cycle. Please notice that the key level for this wave progression is a weekly pivot at the level of 1.3239, and the invalidation line for an alternative impulsive count is seen at the level of 1.3190.

Support/Resistance:

1.3316 - Intraday Resistance

1.3239 - Weekly Pivot

1.3190 - Intraday Support

1.3162 - WS1

Trading recommendations:

Day traders should consider placing buy orders at current price levels with SL below the level of 1.3239 and TP at the level of 1.3316.

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