Technical Analysis – USDCAD off 5-year high but bullish bias remains
Posted on November 27, 2014 at 8:33 am GMTUSDCAD has maintained a steady uptrend since bouncing off a low of 1.0619 on July 3rd. Breaking above the 200-day moving average and the Ichimoku cloud strengthened the upside momentum. The thickening of the cloud and the rising tenkan-sen and kijun-sen lines are supporting the bullish bias. The pair hit a 5-year high of 1.1465 on November 5th. It has since pulled back to find support at the cloud. The area between 1.1190 and 1.1230 is an important support zone. [..]