USDCAD is chiefly under the influence of the US economic data such as Import Price Index (M/M), Retail Sales and Business Inventories. The price is moving in neutral zone completing the head and shoulder pattern which had been created. The support lies at 1.28040 with resistance at 1.28430 which both lines are below the monthly pivot point at 1.29130. The RSI and the MACD indicators are in neutral area but the Stochastic is showing upward momentum. The EMA of 10 is located below the EMA of 75 but it is moving towards it with bullish bias. If the resistance is broken the price will go up targeting 1.2940.
USDCAD analysis for 14.06.2016
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