FX.co ★ Technical analysis on USD/CAD for December 03, 2014

USD/CAD

The US dollar gained against most major pairs. The pair gained 90 pips in yesterday's session and closed near the highest level. But as of now, today the pair is unable to breach previous day's high of 1.1424 levels. The pair's nearest resistance exists at 1.1467 levels. In yesterday's data, the US construction spending beat estimates, posting its largest gains in 5 months. Today the focus has shifted to US ADP non-farm unemployment change data, ISM non-manufacturing PMI. On the CAD major economic key events will be released today. The BOC interest rate and governor Poloz speaks. The pair has resistance at 1.1425 on a daily closing basis. In case if the pair closes above 1.1386 on a weekly basis, it can gain 260 pips on the higher side. On the down side, the pair has a strong support zone between 1.1120 and 1.1100 levels on a weekly basis. The pair has weekly support at 1.1314, 1.1295 and 1.1250 levels. The swing support exists at 1.1190 levels. Until it closes above 1.1190, the bullish view continues. We recommend fresh buying above 1.1414 levels for targets at 1.1446 and 1.1465 levels. The hourly support levels exist at 1.1394 and 1.1375 levels. In case if the prices correct below 1.1375 it can look for other supports at 1.1330 and 1.1310 levels.

Support 1.1394, 1.1375, 1.1330