USDCAD: Weekly Technical Analysis for February 24-28, 2014

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The USDCAD rallied and saw some decent gains during the week but ended the week lower on Friday evening after an improved CPI data was published during the U.S session. This brought some strength in the Canadian currency against all its counter-parts.


Medium term bias for the week remains slightly on the down side with a shooting star candle pattern on the daily time-frame signaling a retracement in the current uptrend is on its way. More supply or pull back to 1.1049/1.1015 (Fibonacci levels 50.0 and 61.8) supports could be seen from the current rise from 1.0913 to 1.1159.


However in the bigger picture, a clear break of the current high 1.2226 with volume supporting it will resume a continuation of the bullish run. A key economic indicator to watch out for in the coming week is the Canadian GDP m/m, which will determine if more weakness or strength would be seen In the Canadian economy

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