FX.co ★ Technical analysis of USD/CAD for June 15, 2016

USD/CAD is testing important resistance area of 1.2870-1.29. As long as it stays below this level, there is a chance that we will see new lows towards 1.2550, but overall I remain medium-term bullish expecting new highs near 1.33 to be achieved.

The short-term trend is bullish but with several reversal signs. The price is inside the 4-hour Kumo (cloud) and it is turning lower. Support is at 1.2770. Resistance is at 1.29. A deeper pullback towards 1.28 is possible without canceling my bullish view.

The daily chart shows that USD/CAD is testing important kijun- and tenkan-sen resistance. I believe a new wave C upwards has started and we are heading at least towards 1.33. I'm bullish.