USD/CAD: Weekly Technical Analysis For May 9-13, 2016

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The USD/CAD pair declined further last week but met support at 1.2459 and rebounded immensely since then. Considering bullish convergence condition in 4 hours Stochastic, 1.2459 could be at least a short term bottoming.

Initial bias this week remains on the upside as 21 and 55 EMA is crossed northward with SSRC indicator signalling a high probability of more bullish momentum in the pair. More rise to 1.2988 resistance is expected this week. Break of 1.2988 resistance will bring further rise to 1.3050 for a retest (resistance by 55 EMA on daily charts) and then bring a side-way trading pattern or a reversal bearish pattern to the over-all bearish trend.


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