FX.co ★ Short-term forecast and weekly recommendations for USD/CAD for July 28, 2014

The pair breached the weekly descending trend line and closed above it. The pair made a high at 1.0821 on the last week's session, but today at the opening it was unable to breach it. It opened on a mild bearish note with open high at 1.0817. Fresh buying will be triggered above the previous week's high or safe buyers can buy above 1.0830. The pair has strong support at 1.075 (50 WSma).

Bullish points-

Trading above the 4-month descending triangle

Held above 50WSma at 1.075

Bearish points-

Unable to breach last week's high, as of now

Strong resistance at 1.0828 200DSma

Monthly key support 1.075 1.0700

Weekly key support 1.0789 1.0773

Weekly resistance 1.0821

Monthly key resistance 1.0830

Fresh positional, buy above 1.0830 with targets 1.0895 and 1.0950.