FX.co ★ Technical analysis of USD/CAD for October 4, 2016

General overview for 04/10/2016:

The two key levels, marked as gray rectangles, have not been tested yet as the market is trading sideways. The wave (2) might evolve into a more complex and time-consuming structure. When this corrective cycle is completed, the wave (3) to the downside should start. 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.