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USD/CAD - Monitoring Resistance At 1.3144

By - Jul 22, 2016, 6:12 AM CDT

USD/CAD is well above 1.3000. Resistance can be found at 1.3144 (02/06/2016 high). A break of support at 1.2832 is need to confirm deeper selling pressures. Expected to strengthen.

In the longer term, the pair is now trading well below the 200-day moving average. Strong resistance is given at 1.4948 (21/03/2003 high). Stronger support can be found at 1.1731 (06/01/2015 low). The pair may have entered a new long-term decline.

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