USDCAD analysis for 05.06.2017

CAD has been under pressure due to the Oil price and the US is publishing manufacturing PMI data. The pair is finding support at 1.34600 with resistance at 1.35100 which the weekly pivot point at 1.34840 is located in between the lines. The EMA of 10 is moving with bearish along the descendant channel and it is located below the EMA of 200 and below the EMA of 100. The RSI is falling towards the oversold area, the MACD indicator is in neutral territory and the Stochastic is showing downward momentum. The ADX is showing sell signals. The price is in the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal momentum. Short positions are recommended targeting 1.340 area. https://fxglory.com/usdcad-analysis-for-05-06-2017/