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USD/CAD Daily Technical Analysis | 7 February 2018

2018-02-07 08:02 am | Resource: Technical Analysis Section | No Views : 290

USD/CAD broke the bullish trend on the hourly interval due to sellers on the pair but the buyer's resistance to the ADE sellers did not confirm the break of the trendline and move in a tight range between 1.2515 and even 1.2489 areas.

USD/CAD Daily Technical Analysis | 7 February 2018

Our neutral view on the pair as long as trading in the range mentioned above, and the simple moving average 20 neutral signal.
Relative Strength Index 14 We looked at it neutrally as a result of the attempt to breach the minor descending trend line during today's Asian session and is still trading in a major bullish direction.
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 the breach of 1.2487 might target the 1.2412 level.
Resistance: 1.2539 - 1.2659 - 1.2788
Support: 1.2467 - 1.2398 1.2236
Trend: neutral


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