FX.co ★ Technical analysis of USD/CAD for January 29, 2015

The pair moved to 6-year high and closed at the highest point of the day. Today in early Asia's session, the pair was unable to breach the previous day's high. We recommend fresh buying above 1.2540. After the FOMC meeting, the pair gained 130 pips at yesterday's session. The Federal Reserve was more hawkish than expected. Today, the focus has shifted to US unemployment claims. Tomorrow, it's a big day for this pair. The Canadian GDP and US flash GDP are due. This month the pair gained more than 900 pips. The pair has the nearest resistance at the 1.2714 levels. The pair has intraweek support at 1.2460 and 1.2385. The pair has an hourly support at the 1.2440 levels. We can expect selling pressure below 1.2440 with the target at 1.2380.

Support: 1.2500, 1.2440, 1.2380.

Resistance: 1.2540.