09.05.201407:34 Forex Analysis & Reviews: Technical analysis of USD/CAD for May 09, 2014

Long-term review

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The pair has been trading in a down trend from 1.1279 levels. It has been in a complete down trend from the last couple of weeks. Until the pair trades below the 1.1053, the pair is in a bear grip looking for 1.067 levels as per the weekly chart.

In the daily chart, the pair looks oversold and will shift to a pull back mode from the current levels of 1.0830. On the upside, the pair is facing strong resistance at 1.0859 above this, 1.09, 1.10, and 1.1030 levels. The bulls are back on track only above 1.1053 levels April 23 high. The daily momentum indicators give a clear pull back indication of the current levels. On the downside, the pair has found support at 1.076 levels.

For intraday basis, the RSI favors to pull back from the oversold levels. We expect the pair to move to 1.0860 from the current levels. In Asia's trading session the pair is trading at 1.0829. The daily momentum indicators are giving a clear pull back signal.

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