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    Technical analysis of USD/CAD for July 06, 2015

    Unexpected NO vote in the Greek referendum influenced oil prices, which are trading lower at today's Asian session. This factor caused a fall in CAD. The CAD is trading lower against USD and EUR.

    The pair opened on a bullish basis testing its fate at the previous high of 1.2634. As of now, the pair made double top at 1.2615 at today's Asian session.

    The indicator produced positive readings for the previous 2 months. We expect the same in July as well. Besides, The US is expected to publish its ISM non-manufacturing PMI.

    The 20Wsma is found at 1.2400 and weekly resistance is seen at 1.2646 and 1.2667. Bulls laid a strong base in different layers initiated at 1.2200, later extended at 1.2300 and 1.2400. The hourly oscillators indicate overbought. We can observe higher highs and higher lows in the daily and hourly charts. Intraday support is found at 1.2530, 1.2500, and 1.2480. Selling is available below 1.2530. Selling accelerates are below 1.2470 towards 1.2400. Buying is available above 1.2620 with targets at 1.2640, and 1.2660. In the hourly chart, negative divergence takes place. The pair makes a strong bullish breakout on the symmetric triangle. Ahead of the FOMC meeting, we expect mild correction in coming days.


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