For Traders

Analytical Reviews

Wave analysis

20.10.201611:11 Forex Analysis & Reviews: Technical analysis of USD/CAD for October 20, 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 20/10/2016:

The demand zone has been violated, but the market bounced back immediately after hitting this zone and currently it trades just below the weekly pivot at the level of 1.3169. This upward wave progression is a part of a corrective cycle wave X and, according to the main count, it might even be completed. The most important level for today is the intraday resistance at the level of 1.3185.

Support/Resistance:

1.3022 - WS1

1.3169 - Weekly Pivot

1.3236 - WR1

1.3185 - Intraday Resistance

1.3139 - Intraday Support

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 support at the level of 1.3139. TP level should be set at the intraday support at the level of 1.3054.

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.