FX.co ★ Technical analysis of USD/CAD for October 21, 2015

General overview for 21/10/2015 10:25 CET

The current wave progression still looks like a leading diagonal pattern that is missing one more wave to the upside to complete. The shape of the pattern is not contracting but expanding, which is quite unusual, but still possible. The current target for the wave -v- blue is the level of 1.3078. Any breakout below the level of 1.2831 invalidates the bullish outlook.

Support/Resistnace:

1.3079 - Intraday Resistnace

1.3067 - WR1

1.2968 - Intraday Support

1.2935 - Weekly Pivot

1.2938 - Invalidation Level

Trading recommendations:

Yesterday's buy orders (SL just below 1.2935 and TP at the level of 1.3078) should be still kept open.