Forex: USD/CAD Upward Movement

on Jun 4, 2013

Yesterday the USD/CAD halted its fall at the 38.2 percent Fibo of 1.0014 to 1.0420 at 1.0261. This level provided resistance to the US dollar in the middle of April and may again become a strong support.

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Since the 1.0420 high on May 29, the pair has been moving within a descending channel and is now heading towards its upper resistance line.
The 4H timeframe MACD indicator is showing a convergence, which may soon push the price upwards.
Currently the USD/CAD is crossing at 1.0320, above the MA89 and MA200 on both the daily and the 4H charts.
Resistance levels: 1.0330, 1.0365 and 1.0385.
Support levels: 1.0300, 1.0285 and 1.0260.


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CAD Forex