FX.co ★ Technical analysis of USD/CAD for October 17, 2016

General overview for 17/10/2016:

The market is trading around the weekly pivot at the level of 1.3169 after the golden trend line has been violated. The key level for bulls is the intraday resistance at the level of 1.3185. Currently, the wave (b) is in progress and this means the correction to the upside might be complex and time-consuming. Nevertheless, the near-term outlook is still bearish as there are uncompleted wave structures.

Support/Resistance:

1.3022 - WS1

1.3102 - Intraday Support

1.3169 - Weekly Pivot

1.3185 - Intraday Resistance

1.3236 - WR1

Trading recommendations:

As long as the intraday resistance is not clearly violated, day traders should consider opening sell orders as close as possible to the intraday resistance at the level of 1.3185. TP level should be set at the intraay support at the level of 1.3102.