19.08.201407:56 Forex Analysis & Reviews: Weekly trading recommendation on USD/CAD for August 19, 2014

Long-term review

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The US dollar was fueled by the housing data. The pair is taking support at 200DSma and looking for a corrective move upwards. In today's session the pair held the support at 20DSma. Until the pair trades close above 1.0860, the bulls will try to take the pair to higher levels. On the bearish front, if the pair closes below 1.0860 it can drift up to the 1.079-1.078 levels. On the bigger view, the pair has a strong resistance between 1.0989-1.1, above this it can fly up to the 1.1050 levels.

A daily close below 1.0860, strong sell at 1.079-1.078.

Intraday- cmp 1.0893

The pair favors strong buying only above 1.0910 towards 1.0940, 1.0960, and 1.0975 levels. On the down side, it has support at 1.0875 and 1.0860. We recommend selling only below 1.0860.

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