15, August 2016

USD/CAD (a 4-hour chart)

USD/CAD (a 4-hour chart)

General overview

The commodity currencies ignored oil prices sharp growth and remained under pressure together with the U.S. dollar.

Current situation

The pair presented a modest bearish tone. The USD/CAD continued to grind lower and approached the support level of 1.2900. The resistance is at 1.3000, the support comes in at 1.2900.

The indicators generate a sell signal. MACD decreased which indicates the sellers’ positions strength. RSI is close to the oversold area.

The price is heading from the moving averages in the 4 hours chart. The 50-EMA is crossing the 100-EMA downwards. All moving averages are turning down.

Trading recommendations

If the downward pressure persists we think that the 1.2900 level will be the next sellers' target.