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Technical analysis of USD/CAD for June 03, 2015

Ahead of the ADP non-farm employment changes and non- manufacturing data release, USD is trading lower against CAD. The pair formed a multiple tops between 1.2539 and 1.2563. At yesterday's session the pair managed to close at 100Dsma. It is trading below 20Wsma 1.2430. On a weekly basis, the pair has probably made a double top at 1.2454. The nearest support is found at 1.2350. The selling pressure is expected below 1.2350 towards 1.2320, 1.2300, 1.2285, 1.2250, and 1.2200. In case of a daily close below 1.2300, the pair will re-test 1.2215. Therefore, selling is available below 1.2350 with targets at 1.2320 and 1.2300. The selling pressure is expected to tighten below 1.2300 towards 1.2240 and 1.2220. Resistance is seen at 1.2420 and 1.2470. Until the pair closes below 1.2470, bears will have the upper hand and are likely to re-test 1.2300 and 1.2220.





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