Short-term trend levels and an intraday recommendation on USD/CAD for August 15, 2014

The pair was unable to breach the previous week's high and started moving to the nearest support level of 1.0870 (20WSma). If this week the pair closes below 1.0870, it can drift up to 1.0845, 1.077 (50WSma). For the short-term perspective until the pair closes above 1.077, buying on dips will mint the money. On the other hand, if this week the pair closes above 1.0870, it can again look to make a new high at 1.1, 1.1025 and 1.1050. As we forecasted in our previous article (August 06, 2014), the pair will make a top near 1.0990-1.1, as of now, it made a top at 1.0986.

Support 1.0887 1.0870 1.0840

Resistance 1.0990 1.1025 1.1050

Intraday cmp 1.0906

The prices are trading below the key hourly moving averages. Until the price trades below 1.0932, weakness will be in the foreground throughout the day. For an hourly basis, the prices have been facing strong resistance at 12ema for 48 hours. On the down side, it has support at 1.0877, 1.0845 and 1.0817.

Until the prices close below 12ema in the 4H chart, a downtrend is favored. Strong momentum is only above 1.0932 for 1.0953 and 1.0985.

Risky traders can buy with sl 10887 and cmp 1.0906.

Safe trades can buy above 1.0920, strong momentum is only above 1.0932.