USD/CAD Forecast October 9, 2014, Technical Analysis

The USD/CAD pair initially rallied during the course of the day on Wednesday, but the 1.12 level offered resistance yet again. Because of this, it appears that the market will continue to consolidate between the 1.10 level and the 1.12 level, and as a result we are looking for supportive candles in order to buy on a short-term trade. If we can break out above the 1.1250 level, we would anticipate that this market would then head to the 1.15 level but the oil markets have been sold off so extremely that we feel the market over here will more than likely need to pull back a little bit.