11.12.201406:55 Forex Analysis & Reviews: Technical Analysis of USD/CAD for December 11, 2014

Long-term review

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IMPACT ON THE USD-

Today, the focus has shifted to retail sales, core retail sales, and unemployment data. China's economy slowdown supported demand for the Yen and pushed the US dollar lower against most of the currencies.

IMPACT ON THE CAD-

Today, the focus has shifted to the speech of BOC Governor Poloz.

At yesterday's session, the pair made a double top at 1.1502 and closed at 1.1482. Today, the pair opened on a bearish note, opened higher at 1.1481. Until the prices trades and close below 1.1502, we can witness weakness. In case if the prices close above 1.1502 on a daily basis, it can challenge 1.1540, 1.1565, and 1.1575 in the near term. For an intraday session, we recommend buying only above 1.1485 (today's high) until the current market price 1.1482 remain on the selling side. The intraday support exists at 1.1430. In case, an hourly candle closes below 1.1455, it can extend its fall up to 1.1430 and 1.1400. Today's major US data will determine the trend.

Trade:

Buy above 1.1485.

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