On Thursday USDCAD went up and down and today it will be volatile as well. This pair is under the influence of oil production meeting in Qatar. The monthly pivot point breakout at 1.30300 will lead the price to higher levels but if it becomes a resistive zone it will be a good opportunity for sellers. The support lies at 1.27890 with resistance at 1.28410 both below the monthly pivot point. The ADX is showing stronger sign for sellers rather than buyers and the RSI is below the 50 level. The EMA of 50 is above the EMA of 10. Traders can wait for a better chart setting to decide on this pair. Anyway, sellers can target 1.27000.
Technical analysis of USDCAD dated 15.04.2016
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