USD/CAD Forecast October 13, 2014, Technical Analysis

The USD/CAD pair went back and forth during the course of the day on Friday, ultimately respecting the 1.12 level for resistance. That being the case, the market should continue to go higher if we can break the top of the range, and we do think that will happen eventually. However, we could very easily pullback in order to find support lower as well, but either way we don’t have any interest in selling this market as we believe the US dollar will continue to strengthen overall. With that, we are bullish and do anticipate that the market will move to the 1.15 level.