FX.co ★ USD/CAD H1,H4 and daily analysis for October 17, 2013

General overview for 17/10/2013 10:30 CET

The main count has been changed due to wave (i) and (iv) overlapse.

New labeling suggests more downside wave progression in three green sub waves pattern: ABC. Those three waves will constitute corrective wave B navy.

H1 time frame: The first target for wave A green is at the 1.0288 - 1.0277 level and then some king of a corrective bounce might be expected.

H4 time frame: the golden trendline is broken and the price is now in final stages of downside wave progression. Three waves (a)(b)(c) navy are presented as up-to-date. 61%Fibo is an important support level.

D1 time frame: Non Linear Dynamic Regression model shows more multi-month downside channel slope has just been initiated. The price is below 55,100 and the 200 SMA, but it is still inside the black uprising channel.

Support/Resistance:

1.0273 - 61%Fibo

1.0277 - 1.0288 - Wave (v) target zone

1.0301 - WS1

1.0317 - Golden trend line resistance

1.0330 - Intraday Resistance

Trading recommendations:

Short positions should be in play for last wave to the downside form the current levels. Target is at 1.0277.