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Technical analysis of USD/CAD for November 10, 2016

General overview for 10/11/2016:

The market is trading inside the triangle pattern that indicates a clear wave b (green) in progress. One more higher high is missing to complete this structure anyway and it will be labeled as a wave (c) (blue). The high for this wave should occur above the high of the wave (a) and a much more precise target will be projected once the triangle structure is terminated.

Support/Resistance:

1.3523 - Intraday Resistance

1.3503 - WR2

1.3433 - WR1

1.3392 - Weekly Pivot

1.3319 - WS1

1.3280 - WS2

1.3265 - Intraday Support

Trading recommendations:

The current market structure is not clear enough to justify trading. Day traders should refrain from placing orders and wait for another trading setup to occur shortly.

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