USDCAD Technical Analysis for June 27, 2013
By
Felipe Erazo
PUBLISHED:
Jun 26 2013 @ 23:13
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The loonie continues to strengthen its bullish trend, however, is quite possible that this consolidation movements do to move forward.
USDCAD is forming a lower high pattern below the resistance level of 1.0524. If the pair manages to break this resistance, it is expected to rise to 1.0600 psychological level. On the other hand, if the USDCAD doesn’t finish to form this bullish pattern and breaks the support at the psychological level of 1.0400, it is expected to fall to the level of 1.0270. We should note that the loonie remains above the 200 day moving average, which strengthens our bullish on the long term outlook for this pair.
The MACD indicator is in overbought extreme, which is normal when a pair as the loonie, form this kind of bullish patterns to keep breaking resistance levels on the way.
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