FX.co ★ Technical analysis of USD/CAD for June 23, 2015

Earlier, we had advised selling below 1.2200, but it did not happen. After the housing data, the USDX is showing good strength edging higher against most majors. The pair opened lower on a bullish note. This week, lack of economic data from Canada help the pair hold the support of 1.2200. Besides, today's US new home sales data widely accepted on the higher side. Wednesday's US GDP is likely to contract -0.2%. It did not meet the forecast, which is a positive factor for the USDX. These factors help the pairo move towards the resistance zone of 1.2370-1.2400. Big moves loom above 1.2400 towards 1.2440 initially and the previous double top 1.2560 later. On the down side, support is found at 1.2300 and 1.2260. Selling pressure accelerates below 1.2260 towards 1.2220 initially. The panic is likely to ignite below 1.2200.

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