23.10.201510:55 Forex Analysis & Reviews: Technical analysis of USD/CAD for October 23, 2015

Long-term review

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General overview for 23/10/2015 10:50 CET

As we anticipated yesterday, the top for the wave (i) green had been formed, and now the market is in a corrective cycle down to develop wave (ii) green. When the corrective cycle is completed, another wave up is expected. The support level for anticipated wave (ii) green is seen in the zone between the levels of 1.3040 and 1.3000.

Support/Resistance:

1.3145 - Intraday Resistance

1.3067 - WR1

1.3045 - Intraday Support

1.2935 - Weekly Pivot

1.2938 - Invalidation Level

Trading recommendations:

All buy orders hit the TP level and now day traders should wait for a corrective cycle to complete before opening another buy orders in this pair.

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