FX.co ★ Technical analysis of USD/CAD for November 2, 2016

General overview for 02/11/2016:

The golden trend line has been tested from below and bulls have failed to rally above it. This means the market is ready to drop and the first target is the demand zone marked as the gray rectangle between the levels of 1.3290 - 1.3312, but the decline might be stronger. In that case, the next support is seen at the level of 1.3225.

Support/Resistance:

1.3433 - Intraday Resistance

1.3379 - Weekly Pivot

1.3352 - Intraday Support

1.3325 - WS1

1.3290 - 13312 - Demand Zone

1.3281 - Wave -a- Low

1.3225 - WS1

Trading recommendations:

If the top for the wave -b- is now in place, day traders should consider opening sell orders with SL just above the wave -b- top. TP level should be left open for now.