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

Overview:

• Today will give its effect in the short term. Also, we should remember that history will probably repeat itself at this level again. Thus, according to the previous events, the USD/CAD pair is going to move between 1.2360 and 1.2424. In particular, the double bottom has set at the price of 1.2241 and the support is represented at the same level in H1 chart. Consequently, the trend may fails to close below the strong support at 1.2241. Thereupon, buy above the level of 1.2260 with the first target at 1.2370, then it will be continued towards 1.2424 in order to test this strong resistance.

Intraday technical levels:

Date: 23/06/2015

Pair: USD/CAD

• Major resistance: 1.2424
• Minor resistance: 1.2370
• Pivot point: 1.2293
• Minor support: 1.2241
• Major support: 1.2165