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USD/CAD Daily Technical Analysis | 29 January 2018

2018-01-29 09:39 am | Resource: Technical Analysis Section | No Views : 304

For the fourth time in a row, USD/CAD failed to breach the 1.2238 area as a result of bear pressure on the pair and weakness of bulls' motivation to press the pair.

USD/CAD Daily Technical Analysis | 29 January 2018

The pair is trading in a classical view within a symmetrical triangle pattern on the hourly interval, and the 20 SMA is overlapping with the price action and thus our view is neutral.
RSI 14 is trading in a bullish direction and finally the index is trading above the 50 area indicating that bulls are beginning to outperform the bear.
We expected no change from Friday's expectations due to the absence of significant price movements. Should the pair break against the Canadian currency, the level of 1.2280 could target the pair at 1.2135, on the other hand if the breach of 1.2359 might target the 1.2399 level.
Support: 1.2410 - 1.2328 - 1.2135
Resistance: 1.2238- 1.2135- 1.2061
Trend: Sideway

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