FX.co ★ Technical Analysis of USD/CAD for October 01, 2014

The pair made a highest closing on the previous week. As we are recommending to buy for the last couple of weeks with a target at 1.1145, 1.1195, and 1.1224. We are still waiting for the rest of the targets. The pair is trying to breach the March 2014 high at 1.1279, currently it is trading at 1.1214. Above this - at 1.1528 and 1.687. For the longer-term perspective, a strong breakout above 1.1230 we can see 1.1938. This view is valid with sl 1.0865. This week the pair opened with a very strong lower note. We expect the upmove to continue further. For an hourly and intraday view, the pair has support at 1.1194,1.1155, and 1.1130; below this the pair will face some selling pressure. Use a dip to add the long positions.