USD/CAD: Close to The Key Support at 1.0814

By: MIG Bank | Mon, Jun 16, 2014
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USD/CAD is close to the key support area between 1.0823 (30/05/2014 low) and 1.0814. Hourly resistances stand at 1.0870 (see also the declining trendline) and 1.0921.

In the medium-term, we continue to favour a phase of stabilisation near the support at 1.0814.

In the longer term, the technical structure looks like a rounding bottom with a minimum target at 1.1725. However, the key resistance given by the 50% retracement (around 1.1236) of the decline from the September 2009 peak at 1.3065 remains thus far intact. Key supports are given by the 200 day moving average (around 1.0758) and 1.0559 (29/11/2013 low).

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Author: MIG Bank

MIG Bank

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