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Technical analysis of USD/CAD for November 2, 2015

General overview for 02/11/2015: 13:00 CET

Another wave down was made to complete the corrective structure to the downside, but please notice there is still a possibility of a marginally lower low. In that case, the overall cycle would be labeled as abc irregular correction wave 2, so further upside wave development would be anticipated.

Support/Resistnace:

1.3276 - Swing High

1.3123 - Intraday Resistnace

1.3115 - Weekly Pivot

1.3053 - Intraday Support

1.2954 - WS1

Trading recommendations:

Day traders should consider buying on the dips in this market with tight SL and TP open for now.

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