USD/CAD Daily Technical Analysis | 1 February 2018
2018-02-01 09:20 am | Resource: Technical Analysis Section | No Views : 272
Our neutral view of the pair as long as trading in a narrow range between 1.2286 and 1.2318 areas, and the simple moving average 20 represents a support area.
RSI 14 is still neutral, but today is the result of trading in a narrow range since midday and yesterday's trading.
It is expected that, in the case of breaking the US currency versus the Canadian currency level 1.2386 the pair could target 1.2189, on the other side, in the case of the breach of 1.2318 could target the level of 1.2375.
Resistance: 1.2328- 1.2398- 1.2467
Support: 1.2236- 1.2135 - 1.2100
The pound hit lows against its major counterparts on Thursday, and remained in the red as the Bank of England warned that "another period of uncertain uncertainty" over Brexit could lead to a drop in inflation and disrupt demand. The MPC kept the benchmark interest rate at 0.75% and the bond portfolio at £ 435 billion. Bank of England maintains interest rate The Bank of England has decided to keep…
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