USDCAD analysis for 18.08.2017

The Oil prices are supporting CAD against its American counterpart. The pair is finding support at 1.26430 with resistance at 1.26810 which both lines are above the monthly pivot point at 1.26350. The EMA of 10 is moving with bearish bias along the descendant channel and it is located below the EMA of 200 and above the EMA of 100. The RSI is moving horizontally on the 50 level, the MACD indicator is in negative territory and the Stochastic is showing downward momentum. The ADX is not showing any clear signals. The price is in the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen is showing a downward trend while the Kijun-sen is showing a horizontal trend. Despite the price attempt to break the resistance area, it will fall down towards 1.25. https://fxglory.com/usdcad-analysis-for-18-08-2017/