07.10.201408:11 Forex Analysis & Reviews: Short-term forecast and intraday trading recommendation on USD/CAD for October 07, 2014

The pair was unable to breach the previous swing high at 1.1279 (March 2014). It made a high at 1.1270 and started looking at the downside. We recommend fresh buying only above 1.1280. Until the pair trades below 1.1270, in the weekly chart it represents a double top. And in the monthly chart, until the pair trades below 1.1279, it represents a double top. The bulls must breach 1.1279 as soon as they can to erase the double the top formation. If the pair closes above 1.1279 on the weekly basis, we can expect 1.1525 in a couple of weeks. If the pair closes above 1.1279 on the monthly basis, we can expect 1.1640 and 1.1930 in a couple of months.

Buying above 1.1279

For an intraday view, the safe buying will be triggered only above 1.1190 and strong momentum, only above 1.1210 for an upside target at 1.1244, 1.1265. Huge buying and short covering will be triggered at a time in case the pair breaches the 1.1280 levels for an immediate target at 1.1315. For an hourly perspective the pair has support at 1.1161 and 1.1130. Safe selling will be triggered below 1.1100 for a downside target at 1.1070, 1.1050 and 1.1035 levels. The panic will be triggered below 1.170. In case an hourly H4 candle closes below the base support of the ascending symmetric triangle, the bearish views will move the pair towards 1.0985 levels. Another side, in case if the hourly candle h4 closes above the triangle, we can expect a 50-pip immediate rise.

Trade-

Buying above 1.1190, target 1.1210, 1.1244 and 1.1265