USD/CAD: Daily Technical Analysis For June 23, 2015

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Fundamental Analysis:

The U.S dollar rose against the Canadian dollar on Monday trading session after data showed that U.S. existing home sales rose more than expected in May to hit the highest level since 2009.

The National Association of Realtors reported on Monday that U.S existing home sales increased 5.1% to 5.35 million units last month from 5.09 million in April. Analysts had expected existing home sales to rise 4.4% to 5.26 million units in May.


Technical Analysis:

Intra-day bias remains mildly on the upside as 21 and 55 EMA are crossed northward. Also MACD oscillator is signalling further upward momentum is expected. Further rise to 1.2354 resistance could be seen and a decisive break of the resistance would bring more rally back to 1.2561 resistance.

However on the alternative scenario, a correction pattern on 1.2354 resistance could see price retreat back to 1.2200 support and a break of the support might push price lower to 1.2126 support.

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