28.10.201609:40 Forex Analysis & Reviews: Technical analysis of USD/CAD for October 28, 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 28/10/2016:

The rising wedge pattern that is in progress clearly indicates the possibility of another sell-off as the growing divergence between the price and the momentum indicator is waiting for confirmation. The sudden decline towards the demand zone has been labeled as the wave -a- (black) of the overall corrective structure. This recent high might be labeled as wave -b- (black). There is still wave c (black) missing from the overall correction. The projected target for wave c (black) has been raised to the level of 1.3250, just below the weekly pivot at the level of 1.3255.

Support/Resistance:

1.3400 - Local High

1.3397 - Wave a Top

1.3290 - 1.3311 - Demand Zone

1.3255 - Weekly Pivot

1.3157 - WS1

Trading recommendations:

Day traders might again consider opening the sell orders with SL just above the recent swing high and TP at the level of 1.3255.

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.