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USD/CAD Daily Technical Analysis | 5 February 2018

2018-02-05 10:52 am | Resource: Technical Analysis Section | No Views : 289

USD/CAD broke the trend line on the 60-minute timeframe, but without confirming our neutral outlook on the pair.

USD/CAD Daily Technical Analysis | 5 February 2018

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
Trend: Sideway

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