09:20, 25 January
USDCAD Daily Analysis
The USDCAD pair traded lower for the third consecutive session yesterday and closed at 1.2348, after notching a low at 1.2317. Currently, the daily momentum oscillators are trading at a lower level below their midlines, hinting the presence of bearish momentum in the pair. Besides, the 8H MACD and RSI are heading towards the south, along with the stochastic indicator tranquil below its oversold territory, further confirms the above outlook. Immediate support is placed at the 2H lower Bollinger Band (currently trading at 1.2272/70), followed by the 1.2245 and 1.2214/10 levels. A breach below the latter might trigger further bearish pressure on the pair. Conversely, key resistance resides at the 1.2338/40 level, followed by the 2H 20SMA (currently trading at 1.2374/75) and the 4H 20SMA (currently placed at 1.2411/15). A break above the latter might lead to positivity in the pair.