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Technical analysis of USD/CAD for June 12, 2015

The Canada New Housing Price Index (NHPI) rose by 0.1% in April. Canadian industries operated at 82.7% of their production capacity in the first quarter, down from 83.5% in the previous quarter. It was the largest decline since the second quarter of 2009.

The pair stopped a 4-day losing streak managing to gain 100 pips, but at the EOD erased a half of its gains. Bulls managed to close above 50Dsma& 100Dema. On a weekly basis, the pair is trading below 20Wsma 1.2425. Intraday resistance is seen at 1.2300 and 1.2350. Buying looms above 1.2370 with target at 1.2400, 1.2420, 1.2450, and 1.2480. The selling emerges below 1.2270 towards 1.2255, 1.2230, 1.2200, and 1.2170.

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