FX.co ★ Technical analysis of USD/CAD for October 25, 2016

General overview for 25/10/2016:

The sudden decline towards the demand zone has been labeled as the wave a (black) of the overall corrective structure. There is still wave b (black) and c (black) missing from the overall correction. The projected target for wave c (black) has been raised to the level of 1.3250, just below the weekly pivot at the level of 1.3255.

Support/Resistance:

1.3397 - Wave a Top

1.3290 - 1.3311 - Demand Zone

1.3255 - Weekly Pivot

1.3157 - WS1

Trading recommendations:

The TP level from yesterday has been hit and all sell orders should be closed with profit. Currently, day traders might again consider opening the sell orders with SL just above the recent swing high and TP at the level of 1.3255.