USDCAD Technical Analysis
11 August 2014, 06:07
- “USDCAD has fallen apart which ironically means it is probably going to
find some sort of low soon. The rate is nearing important price levels.
The 2011 high at 1.0657 and current year open at 1.0634 are possible
supports. The line that extends off of the 2012 and September 2013 lows
is at about 1.0607 next week. This level is in line with the July 2013
high at 1.0608.” USDCAD ended up finding low at 1.0620.
- The USDCAD advance from the July low is impulsive and may find
resistance near 1.1025/50 (61.8% and June high) before correcting lower.
