Forex Technical Analysis USD/CAD 2013-08-02
The currency pair respected the surging line and drew a support line at 1.0236, shifting bias to the upside. Chances are favoring further highs due to uptrend resumption but the 50 SMA places an upside barrier at 1.0364 and could limit positive momentum for some time before prices rise to higher ground towards next resistance at 1.0420.
We suggest traders cautious trading ahead of Non-Farm Payrolls, usually this indicator causes high volatility in FX market increasing vulnerability of stop loss orders.
More: http://www.ifcmarkets.com/en/technical- ... 2013-08-02