USDCAD held a narrow range from 1.1127 up to resistance at 1.1180/90 & this is key to today's direction once again. We should struggle here but a
USD/CAD Spot Daily Forecast - 08 October 2014USDCAD held a narrow range from 1.1127 up to resistance at 1.1180/90 & this is key to today’s direction once again. We should struggle here but a break higher not out of the question so be ready then for a move towards 1.1205/10 & perhaps as far as a selling opportunity at 1.1225/35, with stops above 1.1250.
Failure to beat 1.1180/90 keeps the market under pressure & should trigger a move lower towards 1.1665/60 then 1.1145/40. If we continue lower a retest of 1.1110/05 could be expected. Exit any shorts & try longs expecting a low for the day but with stops below 1.1085.
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