19.11.201403:58 Forex Analysis & Reviews: Technical Analysis of USD/CAD for November 19, 2014

Long-term review

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In yesterday's session, the pair took the support at the 61.8 fib level and managed to close above 20Dsma. As of now today, the pair made exact high at 1.1328. In case if the price trades above 1.1328, it can challenge at 1.1337, above this at 1.1366 and 1.1400. The daily stochastics indicates a buying signal. On the down side the pair has support at the 1.1288, 1.1260, and 1.1256 levels. Buyers can use sl 1.1255 add on dips with the upside target at 1.1400. We recommend fresh buying above 1.1330 and strong momentum above the 1.1337 levels. Ahead of FOMC meeting minutes, if we consider the positional short-term view, in case the pair closes above 1.1386 on a weekly basis, it can challenge 260 odd pips on the higher side. As we recommended earlier, the pair will challenge 1.1530 in the near term, 1.1644 and 1.1685 in the medium term and 1.1900 and 1.2350 in the long-term perspective. The pair has resistance at 1.1425 on a daily closing basis.

Trade:

Buying above 1.1330.

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