General overview for 07/10/2016:
The impulsive count has been invalidated due to the wave one and wave two overlaps. Currently, the market has entered the supply zone between the levels of 1.3261 – 1.3281 and this is the line in the sand for bears.The market is still in a corrective cycle and the overall bias hasn’t changed: when this corrective cycle is completed, the wave (3) to the downside should start. The longer-term bias is bearish and one more wave to the downside should be expected in this pair.
Support/Resistance:
1.2910 – WS2
1.3000 – Technical Support
1.3028 – 1.3048 – Demand Zone
1.3066 – Intraday Support
1.3144 – Weekly Pivot
1.3233 – Intraday Suport
1.3241 – WR1
1.3261 – 1.3281 – Supply Zone
Trading recommendations:
Day traders should refrain from trading until a clearer trading setup occurs.
The material has been provided by InstaForex Company – www.instaforex.com
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