The soft US ISM data pushed the USD pairs to lower levels. The ISM index was little changed to 58.7 last month, the second-strongest level since April 2011, compared with 59 in October. As for the CAD, the Canadian GDP gave an optimistic view on the Canadian economy. Friday's Canadian GDP data is still weighing with the pair. The pair rejected at previous high and closed at 20Dsma. Today, the pair opened on a bearish note, opened higher at 1.1329. Until the pair trades below 1.1330, the bearish view is still valid on the hourly basis. The pair has weekly support at 1.1314, 1.1295, and 1.1250. The swing support exists at 1.1190. In case if the pair closes below 1.1190, we can declare a broadening top with the near- and medium-term outlook. Until it closes above 1.1190, the bullish view continues. Today, the focus shifts to Federal Chairwoman Yellen speech. From an intraday view, the prices are trading next to the multiple support zone. The supports exist at 1.1300 and 1.1280. Risky traders can sell at 1.1310; safe selling at 1.1280 with the targets at 1.1245 and 1.1230. The pair has resistance at 1.1425 on a daily closing basis. In case if the pair closes above 1.1386 on a weekly basis, it can challenge 260 odd pips on the higher side. On the down side, the pair has strong support zone between 1.1120 and 1.1100 on a weekly basis. Speculative traders can buy with sl 1.1310 with the targets at 1.1340 and 1.1360 levels.
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For detail explanation and best discovery on daily market trends and news you may visit via Technical Analysis of USD/CAD for December 02, 2014 . Thanks for your support.
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