FX.co ★ Intraweek forecast and an intraday analysis on USD/CAD for July 09-July 11, 2014

USD/CAD -

The pair has been taking support at the one-year aged weekly support trend line. In the last week's trading sessions, it took the support exactly on the trend line. On the upside, it has strong resistance at 1.0723 (50 WSma), the bulls must breach this level to take the pair under their control. Until the pair trades below the 1.0723, bears have an upper hand. If the bulls manage to break the 1.0723 level, they can push the pair towards 1.0761 and 1.0862 levels in the coming weeks. On the down side, it has a support zone between 1.60-1.5975-1.5960 levels. We recommend to sell below 1.0560 targets 1.0460 and 1.0410 levels. The weekly Stochastics indicating at an oversold level.

For an intraday basis, the pair is trading in a mild bullish note holding above the hourly moving averages. The pair finds support between 1.0660 and 1.0657. The pair will face selling pressure below 1.0657 up to the 1.0630, 1.0620, 1.06, and 1.0575 levels. The pair has resistance at 1.0694 levels above this, the reversal trend existed at the 1.0720 levels.

Note -

Trend reversal at 1.0720

Again panic below 1.0560

Buy on dip with sl 1.06 on a weekly closing basis, sell if below 1.06, target 1.046 and 1.041