CAD is being supported by the Oil prices therefore it is acting stronger against its American counterpart.
The pair is finding support at 1.26230 with resistance at 1.26930 which both lines are below the weekly pivot point at 1.27450. The EMA of 10 is moving with bearish bias along the descendant channel and it is below the EMA of 100 and the EMA of 200. The RSI is moving in oversold area, the MACD indicator is in negative territory and the Stochastic is showing downward momentum. The ADX is showing sell signals. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen is showing a downward trend while the Kijun-sen is showing a horizontal trend.
Short positions are recommended targeting 1.25 area.

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