usd cad weekly : strong recovery rally for loonie continues

usd cad weekly technical analysis for 7 to 11 march 2016

usd cad weekly technical analysis for 7 to 11 march 2016

Usd cad pair this week closed with loss. This was 7th weekly loss for us dollar. In these seven week period, us dollar tumbled from record high of almost 1.47 to lows of 1.33.   On weekly chart, price trend and momentum both are bearish for pair suggesting loonie might continue to recover in upcoming weeks. On upside 1.36 is strong resistance as well as trailing stop loss for short sellers. On downside 1.32 and 1.28 are target as well as short term support zones.   Monthly chart price pattern suggesting .127 to 1.20 are target zone for this corrective move.

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