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USD/CAD Technical analysis 3 September 2018

2018-09-03 10:56 am | Resource: Technical Analysis | No Views : 295

Time frame Used - Daily
The USD/CAD pair is moving in a sideways trend in the short-term
The USD/CAD is still trading within the descending channel as it reached the lower boundary of the descending channel and bounce back higher nearly the upper boundary of the descending channel
In view of the technical indicators
The MACD indicator indicates the beginning of the MACD line intersection with the 9 line from bottom to top but still below the midline
 Accordingly, we expect that the USD/CAD pair will test the upper boundary of the descending channel around the 1.3100 level, which will breach above will target the 1.3392 level
 The alternative scenario is that the USD/CAD pair has dropped to the lower boundary of the descending channel around level of 1.2850
  Resistance: 1.3092 - 1.3180 - 1.3295
Support: 1.2955 - 1.2880 - 1.2727
Direction: sideway
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