FX.co ★ Technical analysis of USD/CAD for July 29, 2014

Technical outlook and chart setups:

1. The USD/CAD pair is hanging around the past support turned to resistance levels around 1.0810/30 levels for now. The pair had broken out of the falling line of resistance earlier, so it is quite possible that the rally could continue but after a dip.

2. Support is seen at 1.0700, followed by 1.0625 and lower, while resistance is seen at 1.0900/50 respectively.

3. The structure indicates that USD/CAD could continue the uptrend but it needs to retrace before that.

Trading recommendations:

Remain flat. Look to buy on dips.

Good luck!