FX.co ★ Technical analysis of USD/CAD for November 3, 2015

General overview for 03/11/2015 08:15 CET

The internal sub-wave four is now in progress and one more marginally lower low is needed to complete wave labeled as -iii- or c. In that case, the overall cycle would be labeled as abc irregular correction wave 2, so further upside wave development would be anticipated. Any violation of the level of 1.3192 invalidates the view.

Support/Resistnace:

1.3276 - Swing High

1.3123 - Intraday Resistnace

1.3115 - Weekly Pivot

1.3053 - Intraday Support

1.2954 - WS1

Trading recommendations:

Day traders should consider buying on the dips in this market with tight SL and TP open for now.