FX.co ★ Technical analysis of USD/CAD for November 30, 2016

General overview for 30/11/2016:

The top for the wave b (green) has been established at the level of 1.3480 and since then the market is in a downfall mode as wave c (green) is in progress. The first projected target level for this wave is the intraday support at the level of 1.3323. Please notice there is a bullish divergence forming between the price and the momentum oscillator.

Support/Resistance:

1.3588 - Local High

1.3583 - WR1

1.3566 - Intraday Resistance

1.3482 - Weekly Pivot

1.3429 - WS1

1.3378 - Intraday Resistnace

1.3323 - WS2

Trading recommendations:

As the corrective cycle is still unfolding, daytraders should open only sell orders around the level of 1.3482 as there is incomplete wave progression to the downside. The first TP should be set at the level of 1.3233.