FX.co ★ Technical analysis of USD/CAD for October 28, 2014

General overview for 28/10/2014 11:10 CET

Not much has changed in this pair since yesterday as the market is waiting for the FOMC meeting that will be held tomorrow. Currently, the range is getting even more tighter, the important levels are still the same as yesterday and the market is in a waiting mode. Please notice, that because of the range squeeze the breakout might be severe. The bias is still bullish as long as the level of 1.1080 is not broken.

Support/Resistance:

1.1070 - 1.1080 - Demand Zone

1.1128 - WS2

1.1182 - Intraday Support

1.1185 - WS1

1.1240 - Weekly Pivot

1.1262 - Intraday Resistance

1.1293 - Intraday Resistance

1.1296 - WR1

1.1354 - WR2

1.1384 - Swing High

1.1409 - WR3

Trading recommendations:

Traders should wait for an important level breakout and trade accordingly. The first date for that breakout is the FOMC meeting tomorrow.