08, June 2016

USD/CAD (a 4-hour chart)

USD/CAD (a 4-hour chart)

General overview

After the weak nonpayrolls last Friday, the USD/CAD lost nearly 350 points. The price of oil remained a strong driver for the Canadian currency.

Current situation

The overall outlook of the USDCAD remained bearish. The pair traded at the level 1.2800. Neither bulls nor bears could not move the pair further. The resistance is at 1.2900, the support is at 1.2800.

MACD is in a negative area. The signal line is in the histogram. The indicator is below 30 and is oversold.

Trading recommendations

We expect a correction movement today as the pair is oversold. The correction targets are: 1.2900 and 1.3000.