USDCAD analysis for 08.02.2017

CAD is acting weak against its American counterpart due to the oil price and the strong USD. The pair is finding support at 1.31600 with resistance at 1.31890 which both lines are above the weekly pivot point at 1.30520. The EMA of 10 is moving with bullish bias and it is located above the EMA of 100 and below the EMA of 200. The RSI is falling towards the 50 level, the MACD indicator is in positive territory but the Stochastic is showing downward momentum. The ADX is showing a buy signal. The price is in the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend. The pair will continue its growth towards 1.31 https://fxglory.com/usdcad-analysis-for-08-02-2017/