04.11.201403:35 Forex Analysis & Reviews: Forecast and trading recommendations on USD/CAD for November 04, 2014

Long-term review

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The US dollar is enjoying its rally supported by the ISM manufacturing PMI data and the BOJ stimulus jump. The US dollar is very strong against most major currencies. The pair started this week on a highly bullish note. As of now, this week the pair is trading above the previous swing weekly high on a closing basis. This is the third consecutive month, the pair is trading on a bullish note. As we recommended earlier, the pair is challenging for 1.1640 200MEma levels. On the higher side, the pair has immediate resistance at 1.1386. In case, if this week the pair manages to close above 1.1386 levels, fresh longs will be added for a target at 1.1530 and 1.1640 levels. The weekly support exists at 1.1260 levels.

For an intraday view, the prices are facing parallel resistance at 1.1386. Above this the pair can challenge another upswing for target at 1.1450 levels. On the down side the pair has support at 1.1330, below this, 1.1266 and 1.1259 will act as trend decider levels. We recommend selling below 1.1290 for targets at 1.1275, 1.1264 and 1.1259. Below 1.1255, the selling force will increase for a downside target at 1.1224, 1.1186, and 1.1166 levels. On the other side, we recommend buying above 1.1380 for targets at 1.1400 and 1.1450 levels.

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