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USD/CAD: Strong opposition ahead of 1.14

FXStreet (Bali) - USD/CAD saw a second strong rejection on the daily ahead of 1.14, with price closing circa 1.1250/55, near day lows, after Fed's Bullard suggested final QE taper may be delayed.

Chris Capre, Founder at 2ndSkies, notes: "The pair formed an LH (lower high) just shy of the yearly highs around 1.1360; this led to another round of selling, thus round-tripping back to the same double bottom around 1.1250, and in the process forming a pin bar rejection (1hr chart).

Capre thinks that "if this bottom holds and the pin bar produces another reaction, then we should minimally see another go at 1.1350/60, perhaps the yearly highs. If we get a lower high, then we may start to see some breakdown in the trend, with the same 1.1250/25 support being challenged."

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