05.06.201505:44 Forex Analysis & Reviews: Technical analysis of USD/CAD for June 05, 2015

Long-term review

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The pair consolidated at 100Dsma, finally managed to close above that levet. At yesterday's session, the pair regained Wednesday's intraday losses. The pair is trading above 20Wsma 1.2433. The pair has been facing strong resistance at 1.2509. Within today's Asian session, the pair is trading in a tight range between 1.2491 and 1.2509. In the hourly chart, the higher lows formation takes place. Intraday resistance is seen at 1.2509, 1.2535, and 1.2580. Risk buying is available above 1.2510, safe buying will be triggered above 1.2525 with targets at 1.2540, 1.2560, 1.2580,1.2600, and 1.2630. Support is found at 1.2460, 1.2437, and 1.2420. Selling is available below 1.2435 with targets at 1.2411, 1.2386, and 1.2350. In case of a daily close below 1.2410 10Dema, we expect sub at 1.2300 and even at 1.2225 in a day or two.

Ahead of a series of economic data from Canada, we expect wild moves and high volatility during today's session. Safe traders, please wait patiently for one more day to get a clear picture.

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