24.07.201505:39 Forex Analysis & Reviews: Technical analysis of USD/CAD for July 24, 2015

Long-term review

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The pair USD/CAD is trading near the monthly resistance at 1.3063. A high is at 1.3053.

Retail sales rose by 1.0% to $43.0 billion in May. After steep declines in December and January, retail sales increased for the third time in four months and reached a new high.

Technical view: Currently, the pair is unable to breach Wednesday's high of 1.3053. Immediate resistance seems to be at 1.3063.

At all time intervals are generating overbought signals. On the four-hour chart, negative divergence is indicating. In case the pair manages to breach above the 1.3065 levels, bulls will try to make 1.3100 and 1.3140 during the day. Due to the overbought state and negative divergences, the pair is unable to sustain the higher levels, we suppose.

Intraday support is at 1.3010, 1.2980, and 1.2950. The selling pressure accelerates below 1.2900. Risky traders open selling positions below 1.3010; safe traders, below 1.2980. Intraday resistance seems to be at 1.3065 and 1.3080.

A daily close is above 1.3065. The bulls aim at 1.3100 and 1.3150 in a two-day time frame.

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