USDCAD analysis for 24.02.2017

USD is acting weak against its Canadian counterpart and now USDCAD is under the influence of Canadian Consumer Price Index. The pair is finding support at 1.30800 with resistance at 1.31260 which both lines are above the weekly pivot point at 1.30740. The EMA of 10 is falling down and it has reached the EMA of 100; they are both below the EMA of 200. The RSI is falling down towards the oversold area, the MACD indicator is in neutral territory and the Stochastic is moving in its low ranges. The ADX is showing strong buy signals. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen is showing a downward trend while the Kijun-sen is showing a horizontal trend. While noting that the 1.308 level is a strong support area, the support level breakthrough will pave the way for further decline otherwise, USDCAD will start its bullish trend targeting 1.3190. https://fxglory.com/usdcad-analysis-for-24-02-2017/