USD/CAD: Daily Technical Analysis For September 24, 2014

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Fundamental Analysis:

The Canadian dollar fell against the greenback in Tuesdays trading session after data showed that Canadian retail sales unexpectedly fell in July, following six consecutive months of gains. The Canadian dollar weakened after Statistics Canada reported that retail sales fell 0.1% in July to C$42.5 billion, compared to expectations for a 0.4% increase. However, June’s retail sales were revised up to a 1.2% increase from a previously reported 1.1% gain. Core retail sales, which exclude auto sales, were down 0.6% from a month earlier, worse than forecasts for a 0.1% decline.



Technical Analysis:

Intraday bias remains on the upside as 21 and 55 EMA trend indicators are crossed upward in the 1 hour, 4 hours, Daily,Weekly and Monthly charts signalling the continuation of the strong bullish trend. SSRC, Stochastic, RSI and MACD Oscillator indicators are showing bullish momentum is still intact, so am expecting further rise to 1.11348 resistance in the medium term picture and 1.11918 in the long term picture. A clear break of 1.10974 supply zone would confirm more rise in the pair.


Tomorrow investors would be watching the US New Home Sales closely.

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