The Federal meeting minutes and housing data helped the US dollar trade higher in yesterday's session. After 3 days of consolidation, the pair managed to trade at a week's high. On a positional basis, as we recommended earlier, in case if 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, 1.2350 in the long-term perspective. The pair has resistance at 1.1425 on a daily closing basis. Today, traders are focused on US jobs, CPI data and Canada wholesale sales data. The pair continues its flag pattern in the hourly chart, height of the pole is 345 pips. The pair has multiple hourly resistance at 1.1360, above this 1.1393 and 1.1402 are the major resistance levels. The support exists at the 1.1300 and 1.1293 levels. In case the pair manages to close above 1.1402 levels, it can challenge 100 and 140 odd pips in a day or two. For a speculative purpose, the pair gave an upside breakout from head and shoulder pattern in the hourly chart. In case the hourly candle closes above 1.1360, it can challenge 1.1400 and 1.1410 in intraday. We have been recommending using every dip to buy with the above positional targets.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Short term forecast and an intraday recommendation on USD/CAD for November 20, 2014 . Thanks for your support.
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