USDCAD Technical Analysis for May 14, 2013

The loonie found strong support near parity, then make a bullish rebound, trying to break a nearby resistance.

The USDCAD is approaching the resistance level of 1.0127, after making a bullish rebound on the moving average of 200 and above the parity level at 1.0000. If the USDCAD breaks this resistance, it is very possible that can climb to the psychological level at 1.0200. On the other hand, that the USDCAD may continue to fall, this pair would have to break the support at 1.0000 psychological level, to see falls in the medium term to the level of 0.9900. At present, the pair is moving into a low range and thus, I do not recommend making this pair trading while it is moving this way.

The MACD indicator is moving into positive territory, supporting a bullish outlook in the medium term.

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