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Technical analysis of USD/CAD for November 18, 2016

General overview for 18/11/2016:

The top for the wave Z (brown) will get invalidated if the price violates the level of 1.3589. The dynamic rebound of the market from the level of 1.3398 might suggest wave b (green) is in progress (or it is done), but to confirm this scenario, the price must break out below the gray rectangle zone between the levels of 1.3496 - 1.3507. Otherwise, another leg upward is quite possible.

Support/Resistance:

1.3663 - WR1

1.3507 - Intraday Resistance

1.3464 - Weekly Pivot

1.3398 - Intraday Support

1.3378 - WS1

1.3290 - 13312 - Demand Zone

1.3265 - Wave (b) Low

Trading recommendations:

Bearing in mind the good risk/reward ratio supported by the current short-term Elliott wave count, day traders should consider opening 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