General overview for 10/09/2015 08:30 CET
The USD/CAD pair is still trading inside the tight range between the levels of 1.3114 and 13326. Economic data did not trigger any move. The form of the corrective cycle is about to get more complex and there is no evidence that this structure might be impulsive anyhow. Please notice the current price action looks more like a distribution pattern (full or partial distribution/ profit taking).
1.3359 – WR1
1.3352 – Swing High
1.3326 – Intraday Resistance (strong)
1.3237 – Weekly Pivot
1.3148 – WS1
1.3136 – Intraday Support (weak)
1.3115 – Intraday Support (strong)
Daytraders should refrain from trading and wait for more clear pattern to occur. Swingtraders should close their long-term buy orders and wait for further confirmation of a higher-degree corrective cycle.
The material has been provided by InstaForex Company – www.instaforex.com