FX.co ★ Short-term forecast and intraday recommendations on USD/CAD for June 26, 2014

USD/CAD-

Short term- The pair is consolidating at 1.0716 levels. It keeps on testing the support and succeeded in holding the support. The daily momentum oscillators are indicating an oversold level, they helped the pair not to hit the 1.0716 levels. If the pair breaks the current support, it has an immediate support zone between 1.0711-1.070 levels. We are completely bearish below 1.070 levels for a downside target at 1.068, 1.0650 and 1.0630, in the least case the 1.060 levels for the rest of the year. The bulls will get charged above 1.0761 (this week's high) levels.

For an intraday purpose, the hourly RSI is indicating a positive divergence, likely limited downside fall. The pair is trading at the lowest point of the day. It has support between 1.0716-1.0711. Traders can buy at cmp or even at a dip with sl 1.070. We recommend to sell only below 1.07 levels. On the upside, it has an initial resistance at 1.0726 and 1.0735. We can see strong momentum above these levels for 1.0752, 1.0761 and 1.077. Huge spike above 1.077 for 1.0826-1.0834 levels. In Asia's session, it opened on a minor bullish note lower at 1.0720 levels.

NOTE- cmp 1.0723.

Buy between cmp- 1.0716-1.0710 sl 1.070 with targets 1.0735, 1.0752, 1.0761 and 1.077.

Sell below 1.070.

This trade requires significant patience. Please trade with levels and patience as well.