12, October 2016

USD/CAD(a 4-hour chart)

General overview

The USD/CAD pair opened higher on Tuesday amid oil price weakening.

Current situation

Market’s positive mood persisted on Tuesday. Having recovered after a sharp decrease on Monday, the USD/CAD pair extended its near-term upward trajectory. According to the 4 hours chart the dollar bounced from the 100-EMA which acted as a support for the price. The pair broke the 50-EMA on its way upwards and moved away from the moving averages in the same chart. All moving averages maintained their bullish slope. The resistance is at 1.3300, the support stands at 1.3200.

MACD decreased which indicates the buyers’ positions weakening. RSI is neutral.

Trading recommendations

The bullish views are still popular on the market. The USD/CAD pair now seems to be heading towards its immediate resistance at 1.3300. A daily closing below the current support will give sellers a chance to move the price lower towards 1.3100.