USD/CAD Forecast October 31, 2014, Technical Analysis

The USD/CAD pair went back and forth during the course of the day on Thursday, testing the 1.12 level. That level has been a magnet for price for some time now, and as a result we feel that this market probably continues to grind sideways. However, there is the Canadian GDP numbers coming out, month over month today, and that of course can have an effect on the value of the currency. With that, we recognize that the market will more than likely react to that but we need to get a break out above the top of the range for the session on Thursday in order to get overly bullish. As far selling is concerned, we are bit cautious, as there is most certainly a significant amount of buying pressure below.