Technical analysis of USD/CAD for November 16, 2016

By | November 16, 2016

General overview for 16/11/2016:

The first wave down labeled on the chart as a wave -a- has been done and now the market is in the internal corrective cycle. The top at the level of 1.3589 might be the swing high of a larger time frame (the brown wave Z). If it is, then the uptrend might be reversing, but to confirm this scenario we need a daily close below the level of 1.3290. Otherwise, the pair is expected to trade sideways.

Support/Resistance:

1.3663 – WR1

1.3507 – Intraday Resistance

1.3464 – Weekly Pivot

1.3423 – Intraday Support

1.3378 – WS1

1.3290 – 13312 – Demand Zone

1.3265 – Wave (b) Low

Trading recommendations:

Bearing in mind the good risk/reward ratio supported by the current short-term Elliott wave count, day traders should consider opening sell orders with tight SL and TP open for now.

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The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex

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