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Technical analysis of USD/CAD for November 6, 2015

General overview for 06/11/2015 09:10 CET

The situation is quite similar to yesterday's price action as the market moves in a tight range ahead of the NFP data later today. The wave b green in this cycle might be completed at the recent local high at the level of 1.3196, so there is still a potential for a further decline towards the weekly pivot level. The weekly pivot l is the key level for the day: any breakout below it would mean a further decline is more possible than a bullish reversal.

Support/Resistnace:

1.3191 - Intraday Resistnace

1.3111 - Weekly Pivot

1.3038 - Intraday Support

1.2954 - WS1

Trading recommendations:

Day traders should consider opening buy orders at the level of 1.3111 with tight SL (10-15 pips) and TP at the level of 1.3191.

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