Quick look: USD/CAD faces of confluence of resistance levels

USD/CAD faces confluence of technical levels

  • 1.3303 (200-DMA)
  • 1.3305 (50% of 1.1920-1.4690)
  • 1.3270 (76.4% of 1.2832-1.4690

Pair’s bearish close below all three level last Wednesday, followed by a positive close on Thursday, but a failure to capitalize on the same and fall back on Friday shows bears remains in control.

I don’t see oil falling sharply at least in the short-term, hence odds of a bearish move are high. Rejection at all three levels today and a similar action tomorrow would indicate the spot is heading lower to 1.3038 (Nov 3 low).

Daily Chart

USDCAD D1 (03-15-2016 0139).png

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