Forex: USD/CAD – Daily Outlook Seems Bearish

on Jun 19, 2013
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Since the pair broke out of the wedge pattern on Monday, it has been rallying and reached 1.0238 during today’s Asian trading. Subsequently, the price has bounced off the MA200 on the 4H chart, and is currently residing at 1.0209.

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The outlook for the rest of the day seems to be bearish, with the price standing beneath the MA89 and MA200 and the MACD pointing down on the 4H scale, while on the daily timeframe the USD/CAD is trading above the two moving averages and the MACD is pointing up.
In an uptick today, the USD/CAD may meet resistance at the 1.0230, 1.0240 and 1.0250 levels.
In a downward movement the price may find support at the 1.0215, 1.0190 and 1.0175 levels.
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CAD Forex