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25.06.201506:39 Forex Analysis & Reviews: Technical analysis of USD/CAD for June 25, 2015

Long-term review

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The US real gross domestic product increased at an annual rate of 0.2 percent in the first quarter of 2015, according to the third estimate released by the Bureau of Economic Analysis.

At yesterday's session, the index faced resistance at 50Dsma 95.55. The parallel resistance is seen at 95.68. Fresh buying is available above 95.70 with targets at 96.00 and 96.15. Strong upswing is expected above 96.25 towards 97.00 during a day. Intraday support is found at 94.95 100Dema, weekly resistance is seen at 96.25.

USD/CAD

The pair continued moving up for the fourth consecutive session. At yesterday's session, the pair rejected at 100Dsma, even though the pair breach the same on the intraday basis. Bulls managed to close above 20Dsma. The weekly resistance is seen at 1.2400. The intraday resistance is seen at 1.2400, 1.2425, and 1.2440. The support is found at 1.2340 and 1.2280. Selling accelerates below 1.2260 towards 1.2220 and 1.2200. In the hourly charts, the pair is approaching higher highs and higher lows. The near-term trend favours buying with sl 1.2270 with targets at 1.2440, 1.2500, and in the extreme case 1.2540. The positional support is found at 1.2260, 1.2220, and 1.2200. Real selling is available only below 1.2200.

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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