USDCAD analysis for 23.08.2017

USDCAD is moving with bearish bias creating lower highs and lower lows. The pair is finding support at 1.25610 with resistance at 1.26110 which both lines are below the weekly pivot point at 1.26380. The EMA of 10 is moving with bearish bias along the descendant channel and it is located below the EMA of 200 and 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 upward momentum. The ADX is showing buy signals. The price is below 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 pair’s attempt to go up, the resistance area seems to be too strong to be broken, therefore, short positions are recommended towards 1.2500. https://fxglory.com/11389/