31, May 2016

USD/CAD (a 4-hour chart)

USD/CAD (a 4-hour chart)

General overview

Canada published Raw Material Price Index that rose more than expected (0.7% vs. expectations 2.2%).

Current situation

The tendency of the pair USD / CAD still looks bullish. The latest growth seems to be a correction from a decrease to the level of 1.2900. The pair managed to grow to 1.3100, where the growth was slowed down. The resistance is at the level of 1.3100, the support is at 1.2900.

MACD is on the zero line giving no signals. The histogram is above the signal line. RSI is neutral.

Trading recommendations

The potential decrease target is the support levels of 1.2900.