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USD/CAD Forecast October 14, 2014, Technical Analysis

By:
Christopher Lewis
Updated: Aug 25, 2015, 00:00 UTC

The USD/CAD pair tried to rally during the session on Monday, but found the 1.12 level to be a bit too resistive and therefore pullback to form a shooting

USD/CAD Forecast October 14, 2014, Technical Analysis

The USD/CAD pair tried to rally during the session on Monday, but found the 1.12 level to be a bit too resistive and therefore pullback to form a shooting star. The shooting star of course signifies that there could be some bearishness coming into the marketplace, we think that is only going to end up being more consolidation as is market traceable up enough momentum to break out to the upside. If we break the top of the shooting star, we feel that the market will then try the 1.1250 handle, and then above there continue on the longer-term uptrend towards the 1.15 handle.

 

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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