USD/CAD Outlook: loonie falls further on downbeat Canada's employment/housing data

Slobodan Drvenica Windsor Brokers

USD/CAD

The pair rose to new three-week high after downbeat Canada's housing and employment data depressed loonie. Fresh advance (0.49% since Asian opening) broke important Fibo barrier at 1.3229 (61.8% of 1.3345/1.3041) and pressures next target at 1.3244 (daily cloud top). US dollar remains firm against its major counterparts and extends advance into fifth straight day, keeping USDCAD's bull in play. The pair is on track for the second bullish weekly close, with today's close above 1.3229 Fibo barrier to generate bullish signal, for attack at daily cloud (1.3243/67), break of which would unmask 200DMA (1.3274). Broken 55DMA (1.3216) offers initial support ahead of broken 100DMA (1.3194).

Res: 1.3243; 1.3247; 1.3275; 1.3300
Sup: 1.3216; 1.3194; 1.3171; 1.3158

Interested in USD/CAD technicals? Check out the key levels

1. R3 1.3238
2. R2 1.3219
3. R1 1.3198
PP 1.3179
1. S1 1.3158
2. S2 1.3139
3. S3 1.3118

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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