FX.co ★ Technical analysis of USD/CAD for March 28, 2014

The pair has been in a downtrend from the 1.1279 level. The pair has kept correcting for the last 5 days. It has erased all its gains this week. In Asia's trading session, the pair is trading at 1.1031. The pair is trading near the support trend line (purple) and below all the near moving averages that raises bearish view. On the downside, the pair has support at 1.0955 and 1.0910. A move below the level of 1.0910 makes real problems for bulls, and bears will take the pair towards the blue trend lines and the last lower support level at 1.0687 (200EMA).

In the H4 chart, RSI is giving a buy signal. As of now, the pair is trading at 1.1031. We expect a pullback in 1 or 2 days. On the upside, it is facing resistance at 1.1089, above this, it will fly up to 1.1119, 1.114, and 1.1162.