USD/CAD Daily Technical Analysis | 6 February 2018
2018-02-06 07:48 am | Resource: Technical Analysis Section | No Views : 349
The pair is trading in a minor upside direction while it is still trading in a major bearish direction and the SMA 20 is pointing upwards.
The RSI 14 so far is trading in a major bullish trend and is currently trying to break the ascending trend line which is forming our short term neutral view of the pair.
It is expected that if the pair breached the Canadian currency at the level of 1.2564, the pair may target 1.2628, on the other hand, if breaking the 1.2528 level might target the 420 level.
Resistance: 1.2539 - 1.2659 - 1.2788
Support: 1.2467 - 1.2398 1.2236
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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