FX.co ★ Technical analysis of USD/CAD for November 9, 2016

General overview for 09/11/2016:

The low of the wave (b) (blue) has been established just below the demand zone at the level of 1.3265 and now it will act as an intraday support. The immediate upward price reaction from this level suggests the wave a (green) is now in place and the market is currently developing wave b (green). One more higher high is missing to complete this structure anyway.

Support/Resistance:

1.3523 - Intraday Resistance

1.3503 - WR2

1.3433 - WR1

1.3392 - Weekly Pivot

1.3319 - WS1

1.3280 - WS2

1.3265 - Intraday Support

Trading recommendations:

The current market structure is not clear enough to justify trading. Day traders should refrain from placing orders and wait for another trading setup to occur shortly.