USDCAD analysis for 01.06.2016

There is no important economic report in Canada but the US has announced and Total Vehicle Sales, Construction Spending m/m, the Beige Book and ISM Manufacturing PMI therefore this pair will be chiefly under the influence of strong USD. The price is climbing us the ascendant channel within Andrews’ pitchfork. The support lies at 1.30230 with resistance at 1.31010 which both lines are above the monthly pivot point at 1.2895. The MACD indicator is in neutral zone and the RSI are moving close to 50 level. The EMA of 10 is located close but above the EMA of 75. There is no clear signal for traders at the moment. It would be a good idea to wait for better signals however buyers can target 1.3200 in case of the resistance breakout.

https://fxglory.com/usdcad-analysis-for-01-06-2016/