Inter-day Forex Analysis – Daily Charts – June 16, 2016

USDCAD – Daily Chart

The USDCAD is bearish but has been moving higher and retracing for the last week. Price has now reached a potential reversal area at a bearish trend line. If the trend line does not provide significant resistance and doesn’t reverse price direction, there is horizontal resistance at 1.3150. If price does move lower, there is a potential support area being created by the minor trend support line (currently sitting at 1.2750).

XAUUSD – Daily Chart

GOLD is moving above the recent swing high and historical horizontal resistance area (1293.00). If price closes above this area, there may be potential buying opportunities as we pullback and test previous resistance, now possible support.

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