FX.co ★ Forecast on USD/CAD for October 24, 2014

The pair made a multiple top around 1.2927-1.3000. In yesterday's session the pair took the support at 20Dsma and erased its losses partially. Today, as well the pair opened on a bearish note. Now, as of today the pair was unable to trade above the previous open price. On the downside, it has support at 1.1200 and 1.1184 levels. The trading pattern is framed between 1.1184-1.1298 levels. We recommend fresh buying only above 1.1300 for targets at 1.1385 levels on a positional basis. In case, if the pair closes below 20Dsma on a daily closing basis, then only the bears get a chance to drag the pair towards 1.1160 and 1.1085 levels. Traders can patiently wait for a direction or risky traders can use sl 1.1257 and start selling at the market price. In the h4 and h1 chart the prices are trading below the hourly moving averages. Safe traders can wait one more day for a clear direction either to 1.1385 or 1.1085 levels.