USDCAD tries to stave off negative pressures - Technical Analysis - 10-02-2016
USDCAD rose in the short term and intraday levels, after the pair breached the ceiling of that descending price channel that limited its previous short-term movements as shown in the attached chart. The pair then faced the support of the SMA50, trying to trespass it but didn't as of now, along with an influx of positive signals from relative power indicators like the Stochastic as shown below the attached chart.
Therefore we expect more gains to come for the pair, especially if it broke through the SMA, targeting thereafter the resistance of 1.4100 as a price target for exiting that price channel.
Trend
Bullish