11:00, 19 February

USDCAD Daily Analysis

The USDCAD pair traded higher on Friday and ended at 1.2558, after hitting a high at 1.2567. As of now, the daily MACD and RSI are slightly pointing upwards, along with the stochastic indicator placed in its overbought region, reflects a positive technical picture. However, the 8H RSI and stochastic indicators are showing loss of upward potential, hinting at likely weakness over intraday basis. Important support is seen at the 2H 20SMA (currently placed at 1.2513/10), followed by the 8H 50SMA (currently trading at 1.2473/70) and the 2H lower Bollinger band (currently placed at 1.2444/40). A move back below the latter might lead to increased selling pressure on the pair. On the bright side, key resistance is placed at the 1.2578/80 level, followed by the 100day SMA (currently trading at 1.2619/20) and the 1.2649/50 level. A sustained break above the latter might lead to positivity in the pair.