FX.co ★ Technical analysis of USD/CAD for October 21, 2016

General overview for 21/10/2016:

The current upward wave progression is a part of a corrective cycle wave X and, according to the main count, it might even be completed. The most important level for today is the supply zone between the levels of 1.3290 - 1.3312. Only a sustained breakout above this level would change the overall outlook to more bullish. Nevertheless, there are still some uncompleted waves to the downside.

Support/Resistance:

1.3022 - WS1

1.3169 - Weekly Pivot

1.3236 - WR1

1.3185 - Intraday Resistance

1.3139 - Intraday Support

1.3028 - 1.3045 - Demand Zone

Trading recommendations:

All sell orders shouls now be closed with profit and day traders should refrain from trading and wait for another trading setup to occur shortly.