USDCAD Technical Analysis for June 13, 2013

The loonie continued bearish patterns forming, which will allow the pair to further develop its current bearish trend.

The USDCAD is forming a higher low pattern over the support at the level of 1.0177. if the USDCAD manages to break that level, would be expected to fall to the level of 1.0094, which is the 200 day moving average. If the USDCAD reaches down to that level, it is possible that this pair make a bullish rebound this SMA 200. Furthermore, if the USDCAD rebounds in the support level at 1.0177, would be expected to rise to the level of 1.0238. If the loonie manages to break this level, it is expected to rise to 1.0300 psychological level. Current conditions in this pair at the technical level, favor continued declines in the pair, in the short term, but we must be careful when placing buy orders for now, because the USDCAD remains very strong in its bearish trend, but we must bear in mind that the loonie is above the 200 day moving average.

The MACD indicator remains in negative territory, but is approaching oversold levels.

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