USDCAD analysis for 08.12.2017

While Canadians are dealing with the Greater Toronto Area, USD is being empowered by the economic data and the oil price. The pair is finding support at 1.28480 with resistance at 1.28860 which both lines are above the weekly pivot point at 1.27540. 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 moving in overbought area, the MACD line is above the signal line in the positive territory and the Stochastic is showing upward momentum. The ADX is showing buy signals. The price is above the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen is showing an upward trend while the Kijun-sen is showing a horizontal trend. Long positions are recommended towards 1.29 and then sellers can enter the market. https://fxglory.com/usdcad-analysis-for-08-12-2017/