USD/CAD: Clean breakout above the resistance levels should prove difficult - Natixis

Sandeep Kanihama FXStreet Contributor

In view of the analysts at Natixis, rebounds cannot be ruled out for USD/CAD pair, but a clean breakout above the resistance levels around 1.3175-1.3188 (upper band of daily Bollinger) should prove difficult.

Key Quotes

“The weak daily volatility is a major obstacle to a pronounced rebound of the pair. Watch our rather for a pullback towards 1.3010 (lower band of daily Bollinger) before the support at 1.2975 (daily parabolic).”

“The utmost caution is in order, as a break below this last level would release significant downside, opening the way for a more pronounced decline towards 1.2908 (Fibonacci projection) and the support around 1.2780-1.28.”

“Take advantage of any rebounds towards 1.3175-1.3188 to sell the USD/CAD, with a first target at 1.2975 (setting the stop loss above 1.3230).”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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