USD/CAD Daily Technical Analysis | 7 February 2018
2018-02-07 08:02 am | Resource: Technical Analysis Section | No Views : 290
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
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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