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Technical analysis of USD/CAD for May 13, 2015

The pair has been making lower highs in the four-hour chart. The pair made multi-lows between 1.1978 and 1.1940. In case the price closes below 1.1940, we expect 1.1900, 1.1870, and even1.1800. The support is found at 1.1870 and 1.175020Dema and sma respectively.

We have been recommending selling with sl 1.2350 with the targets at 1.1870. The strong resistance is seen at 1.2350, so bears have the upper hand in the medium term. Intraday resistance is seen at 1.2025 and 1.2065. Strong momentum is expected above 1.2070 towards 1.2110 and 1.2140. Ahead of the Core retail sales and retail sales, USD is trading higher against CAD. The core retail sales were in the negative territory for 4 motnhs. Readings edvanced to the positive territory in March but did not beat expectations. Today, we can expect 1.1900 and 1.1870 on the downs side.

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Uitgevoerd door, Analytische expert
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