Technical analysis of USD/CAD for November 25, 2016

General overview for 25/11/2016:

The market has broken below the dashed blue trend line and now is trading below the weekly pivot at the level of 1.3497. In case of a further move to the downside, the intraday support is the key level for daytraders as any breakout below it will confirm the wave c (green) is in progress. The projected target zone for the wave c (green) is the demand zone between the levels of 1.3290 and 1.3312.

Support/Resistance:

1.3596 – WR1

1.3566 – Intraday Resistance

1.3497 – Weekly Pivot

1.3419 – WS1

1.3378 – Intraday Support

1.3308 – WS2

Trading recommendations:

The corrective upward wave progression is about to be completed, so this is why daytraders should consider opening only sell orders with tight SL and TP open for now.

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The material has been provided by InstaForex Company – www.instaforex.com

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