On Monday USDCAD kept going up and down within the ascendant channel. Canadian market is under the influence of the oil market so traders need to be alert about this point because if oil declines, this pair will rise. Now the pair is finding support at 1.30920 with resistance at 1.31060. The MACD indicator is in positive territory showing the price growth as well as the RSI which is above the 50 level. The EMA of 50 and EMA of 100 have met each other. Bulls are going to take the control of the pair, so buyers can open their trades and wait for the price to reach 1.3148.
Technical analysis of USDCAD dated 05.04.2016
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