09:16, 15 December
USDCAD Daily Analysis
The USDCAD pair traded lower for the second consecutive session yesterday and closed at 1.2797, after notching a low a 1.2714. A signal line crossover from above by the daily MACD, along with the RSI and stochastic indicators heading towards the south, hints the presence of bearish momentum in the pair. Additionally, the 8H MACD is attempting a negative centerline crossover, accompanied by the 4H RSI and stochastic indicators tranquil below their midlines, further supports the above stance. Crucial support is located at the 1.2738/35 level, followed by the 1.2690 level and the daily lower Bollinger Band (currently trading at 1.2647/45). A breach below the latter might lead to further acceleration to the downside. Conversely, immediate resistance resides at the 1.2820 level, followed by the 2H upper Bollinger Band (currently placed at 1.2862/65) and the 4H upper Bollinger Band (currently trading at 1.2899/2900). A surge above the latter might trigger positive momentum in the pair.