FX.co ★ Technical analysis of USD/CAD for November 15, 2016

General overview for 15/11/2016:

The ending diagonal pattern has been completed and the market moved towards the weekly pivot as anticipated. However, it is hard to say whether the top at the level of 1.3589 is the definitive high for larger time frame (the brown wave Z). If it is, then the up trend might be reversing, but to confirm this scenario we need a daily close below the level of 1.3290. Otherwise, a sideways price action is being expected.

Support/Resistance:

1.3663 - WR1

1.3589 - Intraday Resistance

1.3489 - Intraday Support

1.3464 - Weekly Pivot

1.3378 - WS1

1.3290 - 13312 - Demand Zone

1.3265 - Wave (b) Low

Trading recommendations:

Bearing in mind the good risk/reward ratio supported by the current short-term Elliott wave count, day traders should consider opening sell orders with tight SL and TP open for now.