USD/CAD

Overview-

Today traders eye the economic data on building permits and Ivey PMI data. The pair has been in a down trend from 1.1279 levels (March 2014 high). The pair almost erased its gains in the month of January 2014, holding near its strong support zones. The nearest strong support zones are between 1.06-1.0589 (January 2014 low). Once the pair breaks below this, we can see another huge downfall up to 1.0560 and 1.0527 (20-month Sma).

Weekly review- July 07-11

The pair is still trading below the 50-week Sma at 1.0723 levels. The pair is nearing the two-year support trend line, a break below that will ignite the bear's power again for a steep downfall. The bulls are back on track only above 1.0723 levels. The trading pattern is framed between 1.0560-1.06-1.0723 levels for the week July 07-11, 2014.

Safe positional traders, buy above 1.0723, sell again below 1.0560.

Intraday- cmp 1.0652.

The pair is trading above the hourly moving averages and opened in a mild bullish mode. For an intraday view, we recommend to buy only above 1.0660 levels for an intraday target at 1.0680, 1.0697 and 1.0710 levels. The pair has an intraday support at 1.0645, 1.0629 and 1.06.