Forex: USD/CAD tests 1.0420

on Jun 27, 2013
Listen Thursday June 27th_: Today’s trading so far represents continuation of a two-day decline for the USD/CAD. Yesterday the pair depreciated by 0.53 percent and so far today has shed a further 0.43 percent.

Right now, the price is visiting 1.0424, barely above the 29 May high of 1.0420. If the level holds, the pair may well rally towards the 1.0656 high from October 2011. In the opposite event, the pair may drop to 1.0322 and then 1.0270, but the downtrend is unlikely to go further, given the recent bullish trend.
Levels of resistance: 1.0445, 1.0460 and 1.0495.
Levels of support: 1.0425, 1.0390 and 1.0365.
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