USDCAD analysis for 03.02.2017

USDCAD is falling along the descendant channel creating lower highs and lower lows. The pair is finding support at 1.30120 with resistance at 1.30460 which both lines are below the weekly pivot point at 1.31790. The EMA of 10 is moving with bearish bias and it is located below the EMA of 100 and EMA of 200. The RSI is moving horizontally below the 50 level, the MACD indicator is in negative territory but the Stochastic is moving in high ranges. The ADX is showing a weak sell signal. The price is below the Ichimoku Cloud and on the Chinkou Span. The Tenkan-sen is showing downward trend while the Kijun-sen is showing a horizontal trend. Short positions are recommended targeting 1.2910. https://fxglory.com/usdcad-analysis-for-03-02-2017/