07, June 2016

USD/CAD (a 4-hour chart)

USD/CAD (a 4-hour chart)

General overview

The Canadian dollar got a support when the oil prices sharply rose on Monday due to supply disruptions from Nigeria and Libya.

Current situation

The dollar kept falling having broken the level of 1.2900 on its way. The pair approached the support at 1.2800. The market remained bearish. The resistance is at the level of 1.2900, the support is at 1.2800.

MACD is in a negative area. The indicator kept decreasing. The RSI indicator is below 30 and is oversold. RSI shows a buy signal.

Trading recommendations

The pair may decrease to the level of 1.2800 where there is a pivot point and the pair may bounce upwards. The level of 1.2900 is the target for the correction.