USD/CAD Daily Technical Analysis | 5 February 2018
2018-02-05 10:52 am | Resource: Technical Analysis Section | No Views : 289
The pair is trading in a minor downside direction and the sub-trend suffers from a weakness due to the inability to create new bottoms, and the 20 SMA is neutral.
It is worth mentioning that during the last trading day, the pair breached the descending trend line.
RSI 14 breaks the ascending trend line while still trading in a major bullish direction.
It is expected that if the pair breaks the Canadian currency at 1.2406, the pair may target 1.2288. On the other hand, if a breach of 1.2449 might target the 1.2539 level.
Resistance: 1.2467 - 1.2539 - 1.2659
Support: 1.2398 1.2236- 1.2135
The dollar traded lower against the currencies as traders were also wary of looking for riskier assets awaiting developments on the trade front. The Fed cut its target overnight rate by a quarter percentage point on Wednesday, to a level of 1.75% to 2.0%, to offset slowing global growth and the risks partly associated with President Donald Trump's trade battles with China. This was the second Fed rate cut this…
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