15.06.201504:56 Forex Analysis & Reviews: Technical analysis of USD/CAD for June 15, 2015

Long-term review

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USD/CAD

The pair closed below 20Wsma for the second consecutive week posting 2nd weekly loss. The 20Wsma is found at 1.2410. On the daily chart, the pair closed below 100Dsma as well which seems to be at 1.2415. These levels turn into weekly resistance at 1.2415. Bulls must close above 1.2415 to regain their control. Multi-top is seen at 1.2563 on the daily chart. Ahead of FOMC meeting on Wednesday, shorting is not a good idea. I request traders could wait patiently to open a good trade on the either side. Last Tuesday, the forecast was made at 1.2250, the pair made a low at 1.2200. Dollar bulls managed to hold the 100Dema on a closing basis. This is the best deal for bulls so far. With a daily close below 100Dema 1.2230, bears are aiming at 1.1970 and 1.1900.

Today, we expect wild moves ahead of the US and Canada's data. If the Canadian manufacturing readings turn out to be above expectations, bears aim at 1.2220.

Trade: Selling is available below 1.2300 towards 1.2270,1.2255, and 1.2220.

Buying is available above 1.2385 with targets at 1.2420 and 1.2440.

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