08, September 2016

USD/CAD(a 4-hour chart)

General Overview

The US dollar retreats as the Fed hike hopes fade in the market. The oil prices growth supported the Canadian dollar. Traders are waiting for the BoC meeting results.

Current situation

The pair is trading in a consolidation range between 1.2824 - 1.2864. The USD/CAD shows neutral sentiment. The moving averages preserve a bearish slope. The 50-EMA is crossing the 100 and 200 EMAs in the 4 hours chart. The resistance is at 1.2900, the support comes in at 1.2800.

MACD remained at the same level which confirms the strength of sellers. RSI is consolidating within the negative territory.

Trading recommendations

The pair USD/CAD may grow towards the resistance 1.2900 where it can reverse and return to a decrease. Sellers will push the price towards 1.2800.