Break of 1.3455 support in USDCAD could lead to a test of the 200 DMA

Technical Analysis

Author: Ryan Littlestone | usdcad

USDCAD forex technical analysis

USDCAD is on the skids after the GDP data and has some important support around a former resistance area at 1.3450/60.

USDCAD daily chart

A break there will bring the 200 dma into play at 1.3261, although I see more minor support at 1.3400 and around the 1.3350/60 area.

The 38.2 fib of the Jul 2014 swing comes in at 1.3134. 

Another big stand out support level that comes from prior resistance is down at 1.2800/20

Resistance has been found against an old short term support line through last Nov, currently at 1.3550. A break of 1.3600 would be the breaking of shorts from there.

The loonie is still on the wild rollercoaster so I prefer to keep an eye on the wider levels. That 1.28 area looks very interesting, even though it's quite far away.

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