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USD/CAD Spot Daily Forecast – 06 October 2014

By:
FX Empire Editorial Board
Updated: Aug 24, 2015, 23:00 UTC

USDCAD beat 1.1178 to signal further gains & made all the way to our upper target of 1.1245/50 before topping at 1.1269. We are closing in on this

USD/CAD Spot Daily Forecast – 06 October 2014

USD/CAD Spot Daily Forecast - 06 October 2014
USD/CAD Spot Daily Forecast - 06 October 2014
USDCAD beat 1.1178 to signal further gains & made all the way to our upper target of 1.1245/50 before topping at 1.1269. We are closing in on this year’s high of 1.1278. Of course this is absolutely key this week with the risk of a negative double top. It may be wise to exit longs & may be even try shorts despite the strong bull trend but keep stops tight above 1.1300. Be ready then to jump in to longs on a break higher to target 1.1330/35 then 1.1350/55.

Below 1.1235 signals short term weakness & could target support at 1.1220 then 1.1195/90 which could hold the downside. Exit shorts & try longs with stops below 1.1170. Just be aware that a break lower would target good support at 1.1149/45.

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FX Empire editorial team consists of professional analysts with a combined experience of over 45 years in the financial markets, spanning various fields including the equity, forex, commodities, futures and cryptocurrencies markets.

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