23.07.201505:10 Forex Analysis & Reviews: Technical analysis of USD/CAD for July 23, 2015

Long-term review

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The USD/CAD pair is trading near the monthly resistance at 1.3063. It reached a high of 1.3053.

The US existing-home sales increased in June at the highest pace in eight years. All major regions experienced sales gains in June and have now risen above year-over-year levels for six consecutive months.

Traders eye today US unemployment claims and Canada core retail sales. In May and June, core retail sales data was weak.

Technical view: the pair failed to breach the previous high of 1.3053, immediate resistance is seen at 1.3063.

All time intervals generate signals of overbought . In the four-hour chart, negative divergence is indicated. In case the pair manages to breach above 1.3065, bulls will try to reach 1.3100 and 1.3140 during the day. Due to the negative divergences, the pair is unable to sustain at the higher levels, we guess.

Intraday support is found at 1.3010, 1.2980, and 1.2950. Support base is seen around 1.2900. The selling pressure accelerates below 1.2900. Risky traders can open selling positions below 1.3010, safe traders - below 1.2980.

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