USD/CAD
Long-term forecast
The pair favors to continue its uptrend and can touch 1.1673 levels. This month it opened in a bullish mode lower 1.0840 levels. On the downside, the pair has a strong support zone between 1.0840-1.081 (May low) levels. The bulls need to worry - only below the 1.0810 levels it can correct up to 1.0585 and 1.0224 levels. So traders can enter sell side below 1.081 for 1.0702, 1.0561, 1.0585, 1.0470, 1.0450, 1.0224, 1.01895 levels. On the upside, if the pair manages to cross above the 1.1007, it can fly up to 1.1224 and 1. 1673 levels. The momentum indicators are moving towards the previous up, so there is still some more steam left in this counter for a good upside target.
For the medium term and the near term, the pair looks weak below 1.081 levels. Traders can sell only below 1.0810 targets 1.0702 levels. The weekly RSI favors to sell on the rally in the medium term. The bulls will again recharge above 1.0932 (50 days SMA). A day close is above 50days SMA (red line). The bulls may take the pair towards 1.0960, 1.1 and 1.1030 levels. The pair has been rejected to close above the 50days SMA from last six days. Until the pair crosses above it, it can correct up to 1.0823 and 1.081 (lower end of the descending pattern)
For intarday, the traders can sell below 1.0890 targets 1.0876, 1.0854, 1.0840 and 1.0820 levels. On the upside, the pair has a rough road ahead at 1.0904, 1.0911 and 1.0921 levels.
The material has been provided by InstaForex Company - www.instaforex.com
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