23, June 2016

USD/CAD (a 4-hour chart)

USD/CAD (a 4-hour chart)

General overview

The Canadian retail sales came in line with the forecast, and Retail Sales ex Autos came out better than expected. The news supported the Canadian dollar.

Current situation

The USD/CAD remained at the same level. All its attempts to grow failed. The level 1.2800 and the 50-SMA and 100-SMA limited its further growth. The resistance is at 1.2800, the support is at 1.2680.

MACD is in the negative area. The indicator remained at the same level. The MACD histogram is giving a sell signal. The indicator RSI bounced from the oversold area. If RSI returns into the oversold area we will get a sell signal. The oscillator will show a buy signal until it stays above the oversold area. The pair is below the Moving Averages (50, 100 and 200) on the 4 hour chart. The Moving Averages direction is horizontal.

Trading recommendations

The price is likely to go to the support level of 1.2680.