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Wave analysis

18.08.201406:30 Forex Analysis & Reviews: Weekly forecast and an intraday analysis of USD/CAD for August 18-22, 2014

Long-term review

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USD/CAD

Weekly view - August 18-22, 2014

The Canadian dollar is supported by the optimistic job data. The USD/CAD pair drifted to a week's low from a 5-week high. The pair hit the 20WSma and managed to closed above that. In early Asian session, the pair opened above the 20WSma, but it is unable to breach the previous week's closing level. On the down side, it has support at 1.0850,1.08, and 1.0780. On the upper side, the pair looks well only above the 1.0905 levels. It can fly up to the 1.0950 levels.

For the rest of the month, the key support level existed at 1.0780 (50WSma)

Support: 1.0850, 1.0795, and 1.0780

Resistance: 1.0905, 1.0955, and 1.1

If a daily closure is below 1.0860, it will turn to selling at 1.0795 and 1.0780.

Intraday cmp 1.0890

The prices are closed and trading is below the hourly key moving averages. Until the price closes above 1.0860, the bulls will move above 1.0905- 1.0950. For an hourly trading perspective, the pair has resistance at 1.0890 (12 ema), 1.0906 (21hrsma), and 1.0925 (34 hrsma). Safe buy will be triggered above 1.0925 for 1.0940, 1.0953, and 1.0980.

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