FX.co ★ Short-term forecast and intra week recommendations on USD/CAD for August 05, 2014

The pair made a correction move towards the 50.0 fib level, facing the nearest resistance at 1.0960 in the weekly chart. The pair has support at 1.0894 and 1.08750 (20WSma). The pair will face selling pressure below 1.0875 for a downside target at the 1.0797 and 1.0762 levels. In the short term, the pair has a strong support zone between 1.0762-1.07 levels.

Resistance 1.0960 1.0989 1.1050

Support 1.08750 1.0762 1.07

In today's session, the pair opened with a bullish note, opened low at yesterday's close. The weekly support existed at 1.0797-1.0787. Until the pair closes above these levels, it will aim for 1.1050 (resistance 1.0960). But the daily oscillators indicate an overbought zone. On the downside, the pair has support at 1.0877 and 1.0849. We recommend selling only below 1.0849 for a target at the 1.0797 level. Fresh buy only above 1.0960.

Weekly August 05-08

Support 1.0877 1.0849 1.0797

Resistance 1.0944 1.0960 1.1