CAD remains strong

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By :  ,  Financial Analyst

CAD remains strong

Canadian dollar remains strong as Government data showed that Canada's manufacturing sales grew 20.7% on month in June, more than +16.4% expected. Later today, June New Motor Vehicle sales are expected 116,000.

From a technical point of view, on a daily chart, USD/CAD remains capped by a declining trend line in place since March and by its declining 50-day moving average (in blue). The daily RSI stands below its neutrality area. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3500. The nearest support would be set at horizontal support at 1.3100 and a second one would be set at set at yearly bottom at 1.2950 in extension.

Source: TradingView, GAIN Capital

Related tags: CAD Forex Forex

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