USD/CAD: Technical Outlook

Even after the last weekend’s improving CAD CPI numbers, Canadian Dollar maintained its bearish sentiment completing two consecutive weekly loss against USD. 

The pair currently trading near 1.0534, the first positive day of this week, indicating 1.0600 level to test soon.

If the pair trades above 1.0600 level, it is expected to face the multiple resistance zone of 1.0660 – 1.0675.

If the pair continues to trade above 1.0675 level, it is vulnerable to head towards 2010 high of 1.0850 level.

On the downside, there are multiple support levels between 1.0480 and 1.0430, breaking which 1.0300 can be god support level (61.8% Fibonacci Retracement Level of its 1.0850 to 0.9405 downturn).

If the pair continues to fall below 1.0300, it may rest near 1.0210 level.

• Original Article: Admiral Markets and hyper link Admiral Markets with http://www.admiralmarkets.com/