Wholesale sales and the Oil market are supporting CAD against its weak American counterpart.
The pair is finding support at 1.24780 with resistance at 1.25260 which both lines are below the weekly pivot point at 1.25880. The EMA of 10 is moving with bearish bias along the descendant channel and it is located below the EMA of 200 and the EMA of 100. The RSI is moving horizontally in the oversold area, the MACD indicator is in negative territory and the Stochastic is moving in low ranges. The ADX is showing sell signals. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
The support level breakthrough will drag the price towards 1.2780 otherwise the correction pattern will start targeting 1.31.

usdcad analysis