FX.co ★ Technical Analysis on USD/CAD for October 31, 2014

The pair has been consolidating for the last two days. The pair is trading in a narrow range between the 1.1223 and 1.1166 levels. The prices tried to breach the 20Dsma on the upside, but unable to close above that. Today, traders are keeping an eye on Canadian GBP data. We recommend buying with sl 1.1166 with the targets at 1.1213, 1.1223, and 1.1250. Bulls will regain strength in case the pair closes above the 1.1223 levels. We can see a strong upswing only above 1.1300. Until the prices close below 1.1300, we can see mixed returns on a weekly basis. In the daily chart, the Stochastic is indicating a buying signal. But the prices are obeyed to the descending trend line in the daily chart. These factors represent the mixed views. For an Intraday view, we can expect a strong upswing above 1.1210 levels or 34hrsma. The pair looks weak below 1.1166, we recommend selling below 1.1160 with the targets at 1.1150, 1.1137, and 1.1120 levels.