USD/CAD Daily Analysis
USD/CAD gained slight upwards momentum towards the end of the last week and is currently trading at 1.2614 during the Asian session. The intraday support levels are at 1.2577 and 1.2548. The near-term resistance areas are at 1.2655 and 1.2678.
On the intraday charts, the moving averages are giving mixed signals. The SMA-14 is indicating support at 1.2559 while the SMA-50 is indicating resistance at 1.2652. The RSI is at 51 and has an upwards curve. The mid-band is at 1.2548 while the upper and lower bands are at 1.2655 and 1.2442 respectively. Following the intraday price pattern and analyzing last week’s small recovery the pair appears to be gaining further during this week which makes it ideal for buying entries. A reasonable buy entry will be at or near 1.2600 with a target of 1.2665 and a stop-loss at 1.2570.
Bulls need an intraday closing above 1.2670 to continue their hold. On the downside, an intraday closing below 1.2600 will be ideal for the bears to gain momentum and once again push the lower towards the recent low of 1.2400.
