Technical analysis of USD/CAD for October 8, 2015 Market Analysis Review

General overview for 08/10/2015 08:40 CET

The Elliott wave count has been adjusted to the recent market developments showing that a decline can take place after corrective wave (iv) green is completed. Any breakout above the level of 1.3217 will invalidate the green impulsive wave count and hit a low at the level of 1.2970 wave (c) bottom.

Support/Resistance:

1.3229 - Weekly Pivot

1.3217 - Green Impulsive Count Invalidation Level

1.3133 - Intraday Resistance

1.3062 - Intraday Resistance

1.3000 - WS1

1.2970 - Intraday Support

Trading recommendations:

Day traders should consider opening sell orders from the level of 1.3133 with SL above the level of 1.3217 and TP at the level of 1.2919.

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

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