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

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