USD/CAD Forecast October 7, 2014, Technical Analysis

The USD/CAD pair fell hard during the course of the day on Monday, slicing through the 1.12 level as the Ivey numbers out of Canada came out stronger than anticipated. However, we are still well within the uptrend, and the market should find support somewhere, probably around the 1.11 level. If we look for supportive candles, we will find them and eventually we will have a buying opportunity. The market could go as high as 1.15 but it’s obviously going to take some serious time. We have no interest in selling until we get well below the 1.10 level.