Technical analysis of USD/CAD for October 12, 2015 Market Analysis Review

General overview for 12/10/2015 13:15 CET

The wave structure is clearly extended to the downside as the last wave (c) blue looks now completed. Any breakout higher above the intraday resistance at the level of 1.2990 and then above technical resistance at the level of 1.3070 will be considered bullish. Moreover, the bullish divergence between the price and the Awesome Oscillator supports the bullish outlook.

Support/Resistnace:

1.3092 - WR1

1.3070 - Technical Resistance

1.3000 - Weekly Pivot

1.2990 - Intraday Resistnace

1.2900 - Intraday Support

Trading recommendations:

Daytraders should consider opening buy orders from the current market levels with SL below the level of 1.2900 and TP at the level of 1.3000.

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

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