USD/CAD: Daily Technical Analysis for June 10, 2014

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The Canadian dollar showed strength over the US dollar despite the greenback’s strength over major currencies in the FOREX markets. Canada Mortgage and Housing Corporation showed that housing starts in Canada improved improved from 185K to 195K. In Canada, official data on Friday showed that the economy added 25,800 jobs in May, above expectations for 25,000, but gains were due to the creation of part-time positions. The Canadian unemployment rate ticked up to 7.0% from 6.9% in April.


Intra-day bais remains on the downside as a fresh cross of 21 and 55 EMA’s were seen on the pair in its hourly charts. SSRC and MACD oscillators are showing a sign of bearish continuation in the pair and more supply to 1.0861 supports is expected. A break of 1.0861 supports would see further decline to 1.08212 demand zone. As long as 1.09588 resistance holds, USD/CAD remains in a bearish trend.

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