Technical Analysis of USD/CAD on October 14, 2014 Market Analysis Review

The US dollar fell against a basket of major currencies. The IMF global growth forecast and concerns about global economic growth raise bets for interest rate hike. But in yesterday's session, the pair gave a bullish close at 6-day high. As we recommended in yesterday's session, the safe buying is not yet triggered. We strongly recommend buying only above 1.1225 levels. On the upper side, the initial resistance is at 1.1225 above this, 1.1245 and 1.1265 will act as trend decider levels. On the down side, it has support at 1.1179 and 1.1150 levels. The trading pattern is framed between 1.1150 to 1.1223. In case, if the price breaks below 1.1150, it will fall up to 1.1120 and 1.1070 levels. We can see panic selling only below 1.1070

For an intraday view, the prices are closed above the hourly key moving averages. We can see minor ascending triangle height of 37 pips within the hns pattern in the H4 chart. We can observe a hns pattern in the H4 chart. The level of 1.1223 is the left shoulder and 1.1220 is the right shoulder. The trading pattern is framed between 1.1223 and 1.1157 levels. In case the pair breaches the upside resistance at 1.1223, we can see fresh buying on an hourly basis. On the down side, if the pair breaks below 1.1150, we can see a 50-70 immediate fall, but panic will be triggered only below the neck line.

Safe buyers, buy above 1.1225 target 1.1245 and 1.1279.

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