USDCAD analysis for 01.12.2017

CAD has been losing momentum due to the weak oil price, on the other hand, USD might gain momentum as a result of tax reform plan bill. The pair is finding support at 1.28490 with resistance at 1.28870 which both lines are above the weekly pivot point at 1.27360. The EMA of 10 is moving with bullish bias in the ascendant channel and it is located above the EMA of 200 and the EMA of 100. The RSI is falling towards the 50 level, the MACD line is below the signal line in the negative territory and the Stochastic is showing downward momentum. The ADX is showing sell signals. The price is above the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen is showing an upward trend while the Kijun-sen is showing a horizontal trend. Short positions are recommended towards 1.25. https://fxglory.com/usdcad-analysis-for-01-12-2017/