Yesterday USDCAD continued its downward trend within the descendant channel however it tried to break the bearish tendency for a couple of times but failed. There is a bearish sign which indicates sellers are getting more profit for this pair. The support lies at 1.26140 with resistance at 1.26740 which both are below the monthly pivot point at 1.31360 indicating the price decline over the last recent days along with the EMA of 10 which is below the EMA of 50. The MACD indicator is in negative territory signaling the price fall. Furthermore the RSI is below the 50 level. The ADX is showing a better sell opportunity as well. Short positions for now are recommended but the resistance breakout will show a close reversal.
Technical analysis of USDCAD dated 21.04.2016
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