30, June 2016

USD/CAD (a 4-hour chart)

USD/CAD (a 4-hour chart)

General overview

The US dollar slightly fell against the major currencies. The market continued to work out the decision of the UK to exit the EU. Meanwhile, the growth of oil prices supported the Canadian dollar.

Current situation

The pair faced a downside pressure and was falling during the course of the day. The dollar lost about 0.17% in the pair. The pair stopped at the round level of 1.3000.The resistance exists at 1.3100, the support lies at 1.3000.

MACD remained in the positive area, its histogram decreased. The indicator will give sell signals while its histogram decreases. RSI is in the neutral area; its fall from the overbought area is a sell signal. The moving averages formed a cross-over. They are mobbing horizontally.

Trading recommendations

We suppose the pair will go to 1.2900 first. Having overcome the first target the price might go downwards to 1.2800.