The pair has some fair amount of retracement in yesterdays session following an impressive bull trend that ran from last week Friday and peaked yesterday. As seen in the chart technical indicators today are slightly bullish. The 50 MA is below price and the RSI is mixed to bullish as well with it being just at the neutrality point.
Posted on: February 23, 2017
For the most of this week, the pair has been on an uptrend and has a good possibility of continuing its bull-run. Today price opened above the pivot point which is at 141.35. Still in the upward channel.
Best trade recommendation would be to prepare to go long when price is in the support zone of the channel. Long positions should target 142.05. In the event that the market conditions change and price breaks below the support and the pivot line, then short positions should be considered instead with potential target at 140.85.
Posted on: February 22, 2017
The pair appears to be making a trend reversal from the downtrend it was mostly on last week. Today it opened above the pivot price which is at 1.3070. Price is close to the support zone at the moment and could look to make a bullish move towards the resistance of the current channel.
Posted on: February 20, 2017
USDCAD is in a bearish channel following a continued downtrend. Although the market opened above the pivot price today, there is only a slight indication that there will be considerable bullish move or a breakout from the resistance zone of the channel.
Posted on: February 15, 2017
The pair has been on a downtrend since last week. For most of the past week there has been negative pressure on the EURO with the dominance of the USD. Price is locked in a bearish channel with short opportunities at the resistance zone.
Posted on: February 14, 2017