As the oil price decreased, CAD is losing its strength against USD. The pair is finding support at 1.31320 with resistance at 1.31740 which both lines are above the weekly pivot point at 1.29730. The EMA of 10 is moving with bearish bias and it is located above the EMA of 100. The RSI is moving above the 50 level and the MACD indicator is in positive territory heading down however the Stochastic is moving in minimum ranges indicating price fall. In terms of the support level breakthrough traders can target 1.3100 otherwise the pair will grow to 1.32 area.
USDCAD analysis for 16.09.2016
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