Wednesday, January 24, 2018

USDCAD analysis for 24.01.2018

The Bank of Canada raised interest rates last week which it brought volatility to the market. The US will release Existing Home Sales today. The pair is finding support at 1.23230 with resistance at 1.24170 which both lines are below the weekly pivot point at 1.24600. The EMA of 10 is moving with bearish bias in the descendant channel and it is located below the EMA of 200 and the EMA of 100. The RSI is falling towards the oversold area, the MACD line is below the signal line in the negative territory and the Stochastic is showing downward momentum. The ADX is showing sell signal. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a downward trend. Short positions are recommended towards 1.228.

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