Technical analysis of USD/CAD for June 29, 2015

The pair paused its three-week falling streak, managed to gain 0.6% last week. The
pair rejected at 20Wsma and closed below that. The pair rejected at 100Dsmathree times and finally closed below that level. The nearest support is found at
1.2312 and 1.2300. Resistance is seen at 1.2390 and 1.2425. Crude prices are declining that can affect the CAD. Today, traders eye the RMPI that might come out on the positive side. Important data is due on Tuesday.

The price has been approaching higher lows in the H1 chart. It managed to close above
the moving averages in the four-hour chart. For an intraday session, buying is
available above 1.2360 with targets at 1.2385 and 1.2340. The buying accelerates above
1.2400 towards 1.2420 and 1.2475. The real strength is seen only above 1.2425. The
selling opportunity we arise below 1.2300 towards 1.2285, 1.2277, 1.2245, and
1.2220. Safe selling is available below 1.2270 (previous swing low 1.2277).


The material has been provided by InstaForex Company –