Canada will release GDP MoM, Raw Materials Prices YoY and PPI YoY along with the US publishing ADP Employment Change, Employment Cost Index QoQ and Pending Home Sales MoM.
The pair is finding support at 1.22500 with resistance at 1.23340 which both lines are below the weekly pivot point at 1.23630. The EMA of 10 is moving with bearish bias in the descendant channel and it is located below the EMA of 200 and the EMA of 100. The RSI is falling towards the oversold area, the MACD line is on the signal line in the neutral territory and the Stochastic is moving in low ranges. The ADX is showing sell signal. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a downward trend.
Short positions are recommended towards 1.21.

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