11.09.201408:05 Forex Analysis & Reviews: Intraday trading recommendations on USD/CAD for September 11, 2014

Long-term review

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The pair has been facing strong resistance at 1.0986 on a closing basis. Even though the pair breached this level, it is unable to close above that level which produces selling pressure whenever it touches that 1.0986 on a daily closing basis. In yesterday's session, the pair drifted towards 23.6 fib level. Today, it opened with support at that level and is looking for an opportunity to move up. The pair is trading at the 1.0945 level, support existed at the 1.0934 level. Below 1.0934, it can extend its fall down to 1.0921 (20Dsma). For an intraday session, the prices are holding above 34hrsma. We recommend buying the cmp 1.0934 with an hourly target at 1.0965. In a move above 1.0965, it can climb up to 1.0983, 0986, and 1.1. Today, the key support exists at 1.0928 while resistance is at 1.0965.

Buy at cmp, strong up move above 1.0965.

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