18.10.201611:38 Forex Analysis & Reviews: Technical analysis of USD/CAD for October 18, 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

General overview for 18/10/2016:

The top for the wave (b) looks to be completed and now the market is developing another sub-wave to the downside. The overall shape of this progression looks more and more like a complex structure instead of typical three-wave correction. Nevertheless, the near-term outlook is still bearish as there are uncompleted wave structures.

Support/Resistance:

1.3022 - WS1

1.3102 - Intraday Resistance

1.3169 - Weekly Pivot

1.3236 - WR1

1.3028 - 1.3045 - Demand Zone

Trading recommendations:

As long as the intraday resistance is not clearly violated, day traders should consider opening sell orders as close as possible to the intraday resistance at the level of 1.3185. TP level should be set at the intraay support at the level of 1.3102.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.