USDCAD Technical Outlook (26-30 January,2015) | January 24, 2015

USDCAD moved last week like a rocket. It's up trend has extended at high 1.2456 and this is showing its bullish power. Last week this pair moves more than 500 pips. So this is clear up trend market. So we need to enter buy entry from every retracement. As this pair moved huge pips in upside. So it can take little retracement and so we need to wait for this retracement to take buy again. For buy entry, long term target will be 1.2700 and then 1.3000 area.


In weekly chart, we can see biggest bullish weekly candle among 4 years. So this chart is giving the idea for its bullish momentum. Daily chart also giving bullish signal. We need to take buy from buy zone in this pair. Buy zone lies on 1.2330 area.



Weekly Pivot, Support and Resistance


Resistance Two (R2): 1.2796

Resistance One (R1): 1.2607

Pivot Point: 1.2267

Support One (S1): 1.2078

Support Two (S2): 1.1738