16.07.201406:33 Forex Analysis & Reviews: Technical Analysis of USD/CAD for July 16, 2014

Long-term review

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USD/CAD

The pair held the weekly support trend line and 61.8% fib levels. The pair took a upturn and closed above the 50-W Sma, trading above two weeks high. The pair is facing resistance at 200-D Ema 1.0775 levels. If the pair closes above 1.0775 on a daily closing basis, we can see a short-term rally towards 1.0808 (50-D Sma) levels. The weekly momentum indicators turn in the positive direction.

Intraweek resistance - 1.0775

Intraweek support - 1.0732 1.0710 1.07

Monthly support - 1.0620

The pair is trading above the hourly moving averages. The pair breaks the descending trend line and is still holding above that. It has a support at 1.0734, 1.0717 and 1.0698 levels , resistance is at 1.0776 on the intraday basis. The pair looks weak below 1.0698. The hourly momentum oscillators mean an overbought sign. Traders can wait for a healthy correction to buy again.

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