USDCAD analysis for 10.01.2017

USDCAD is under the influence of oil prices. The pair is finding support at 1.31770 with resistance at 1.32530 which both lines are below the weekly pivot point at 1.32910. The EMA of 10 is moving with bearish bias along the descendant channel and it is located below the EMA of 100 and EMA of 200. The RSI is rising towards the 50 level, the MACD indicator is in negative territory and the Stochastic is moving in low ranges, showing upward momentum. The ADX is showing a weak sell signal. The price is fluctuating between the 61.8 and 78.6 levels of Fibonacci therefore it may start is upward trend soon. The resistance level breakout will smooth the way for further growth targeting 1.3330 however the support level breakthrough will lead the pair down towards 1.3120.


https://fxglory.com/usdcad-analysis-for-10-01-2017/