Technical analysis of USD/CAD for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The USD/CAD pair has has been rallying from 0.9700 levels and a major support has now been formed at 1.0600 levels as seen here. The pair has hit a temporary resistance around the 1.1350 levels and is seen to be pulling back at the moment. Minimum drop could be up to the 1.1093 levels i.e fibonacci 0.382 support. A push below that could drag prices towards 1.0912 i.e fibonacci 0.618 support. Hence, it is recommended to initiate 50% short positions at current price 1.1160/70, risk remains at 1.1300. Support is seen at 1.1100, followed by 1.0850 and lower, while resistance is seen at 1.1300, followed by 1.1350 respectively.

Trading recommendations:

Initiate 50% short positions now, stop above 1.1300, target is open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



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