FX.co ★ Technical analysis of USD/CAD for October 3. 2016

General overview for 03/10/2016:

The abc corrective cycle with the top at the level of 1.3192 had been labeled as wave (2)/b and now the market is trying to develop another wave down. The two key levels, marked as grey rectangle, has not been tested yet as the market is trading sideways. The longer-term bias is bearish and one more wave to the downside should be expected in this pair.

Support/Resistance:

1.2910 - WS2

1.3000 - Technical Support

1.3028 - 1.3048 - Demand Zone

1.3066 - Intraday Support

1.3144 - Weekly Pivot

1.3191 - Intraday Resistance

1.3241 - WR1

1.3261 - 1.3281 - Supply Zone

Trading recommendations:

Day traders should refrain from trading until a clearer trading setup occurs.