USDCAD Technical Analysis for June 06, 2013

The USDCAD has not had significant movements that have achieved mainstream alter this pair, which is bullish.

The USDCAD has been in a low range in this chart, forming a support level at 1.0290 and resistance at 1.0400 psychological level. If the loonie managed to break the resistance at 1.0400, it’s expected to rise to the level of 1.0500. On the other hand, if the USDCAD manages to break the support at the 1.0290 level, it’s expected to fall to 1.0200 psychological level. For today and tomorrow, will be published several high impact fundamental news in both Canada and the United States, and we recommend caution in doing intraday trading in the loonie. It would be best to wait for the formation of a lower high pattern, to look place buy orders in this pair, although the overall bullish trend may change, because the USDCAD has made consolidation movements, which could indicate a shift in the long term.

The MACD indicator is in overbought territory and entering negative, which could support our hypothesis that the loonie may change its general trend, so we must be vigilant.

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