USDCAD analysis for 13.01.2017

While USD is being supported by Trump’s speech, CAD is gaining momentum due to the oil prices. The pair is finding support at 1.31250 with resistance at 1.31810 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 high ranges. The ADX is not showing any clear signals. The price is below the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen is showing a downward trend while the Kijun-sen is showing a horizontal trend. The support level breakthrough will make the pair fall towards 1.3050.

https://fxglory.com/usdcad-analysis-for-13-01-2017/