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4/1/2016 3:44:44 AM

USDCAD shows some positive signs - Technical Analysis - 01-04-2016

USDCAD fell in the short term, leaning eventually on the pivotal support of 1.2977, which represents the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the long term (from 1.1919 to 1.4690), for the second time in a row in the short term, due to continuing negative pressure from the SMA for the last 50 days period, and the dominance of the downward correctional short-term trend, while noting a forming of a positive divergence in the Stochastic indicator as shown below the attached chart.

Therefore we expect the pair to reverse higher in the coming trading, provided the support of 1.2977 holds on, targeting thereafter the resistance of 1.3304, which represents the ratio 50% of the same retracement levels mentioned earlier.



Trend Bullish