Canada is publishing ADP Employment Change and New Motor Vehicle Sales and the US will release Industrial Production YoY and NAHB Housing Market Index.
The pair is finding support at 1.24380 with resistance at 1.24970 which both lines are below the weekly pivot point at 1.25530. The EMA of 10 is moving with bearish bias in the descendant channel and it is located above the EMA of 200 and the EMA of 100. The RSI is moving in oversold area, the MACD line is below the signal line in the negative territory and the Stochastic is moving in low ranges. The ADX is showing sell signal. The price is in the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a downward trend.
Short positions are recommended towards 1.24 however, the oil prices may support CAD and push the price up towards 1.30.

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