USDCAD Analysis – Loonie Approaching Major Technical Level
- Technical notes for the upcoming 6th July trading sessions.
- The CAD dollar finished todays session virtually unchanged versus its U.S. counterpart but did lose out marginally. There has however been a near 240 pip drop over the last five trading sessions with falling oil prices and events in Europe seen as key.
- The USD/CAD is fast approaching a key technical level. The following elements are in close proximity at this area: previous resistance which could become support, 100 day SMA and FE100 projection of the last swing lower.
- These are all aligned in a zone from around 1.0040 to 1.0070.
- If the Loonie can break below this technical area the 1.0000 parity level would come back into focus.
- Significant event risk is looming tomorrow with the Canadian and US employment data due at 8:30 a.m. EDT (GMT 12:30) Friday 6th July.
USDCAD Daily Chart