FX.co ★ Technical analysis of USD/CAD for November 19, 2015

General overview for 19/11/2015 09:30 CET

In a larger time frame, the wave development still might evolve into more complex structure like a triangle. The price has retraced wave 4 or A purple almost to the level of 88.6%Fibo at 1.3383, but please notice that the top for the wave B purple will be confirmed when prices violate the level of 1.3222. The other possible scenario is uncompleted wave B purple at current levels and further wave development into WXYXXZ complex corrective pattern.

Support/Resistance:

1.3375 - WR1

1.3368 - Intraday Resistance

1.3298 - Weekly Pivot

1.3266 - Intraday Support

1.3250 - WS1

1.3222 - Wave b Bottom

Trading recommendations:

Yesterday's sell orders had hit the TP level.

For today day traders should consider placing sell orders from current market levels with SL above the level of 1.3280 and TP at the level of 1.3222.