USDCAD analysis for 23.01.2017

CAD was weakened due to Canadian economic reports such as Retail Sales and Consumer Price index. The pair is finding support at 1.32680 with resistance at 1.33060 which both lines are above the weekly pivot point at 1.32380. The EMA of 10 is moving with bearish bias and it is located above the EMA of 100 and EMA of 200. The RSI is moving on the 50 level, the MACD indicator is in positive territory and the Stochastic is moving in low ranges. The ADX is not showing any clear signals. The price is above the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen is showing a downward trend while the Kijun-sen is showing a horizontal trend. Bulls are getting the control of the chart therefore long positions are recommended targeting 1.34 area.

https://fxglory.com/usdcad-analysis-for-23-01-2017/