Since the beginning of the week the US bulls demonstrate self-confidence and
strength, which finally led the USD/CAD pair to new fresh two-month top at
1.2867. Meanwhile WTI marked two week low and this this slump has affected the
Canadian dollar.
On the four hour time frame the price is developing well above its bullish moving averages with current market price 1.2850. RSI and stochstic are located within extreme overbought territories and both has lost directional strength.
The bulls might need to take some fresh breath before next upleg and according to indicators on the same chart USD/CAD is entering in consolidation phase.
An increased byuing interest could lead the pair towards the key resistance at 1.2900, which is broken might open doors for testing the 1.2920 (50% Fibo of 2017 decline) area where the pair failed to conquer several time during last three months in 2017.
The downside is supported by 1.2800 and lower at 1.2730 (38.2% of same Fibo).
The macro agenda for the day offers very supportive data for the greenback, so I expect bullish continuation after short consolidation around 1.2850.
On the four hour time frame the price is developing well above its bullish moving averages with current market price 1.2850. RSI and stochstic are located within extreme overbought territories and both has lost directional strength.
The bulls might need to take some fresh breath before next upleg and according to indicators on the same chart USD/CAD is entering in consolidation phase.
An increased byuing interest could lead the pair towards the key resistance at 1.2900, which is broken might open doors for testing the 1.2920 (50% Fibo of 2017 decline) area where the pair failed to conquer several time during last three months in 2017.
The downside is supported by 1.2800 and lower at 1.2730 (38.2% of same Fibo).
The macro agenda for the day offers very supportive data for the greenback, so I expect bullish continuation after short consolidation around 1.2850.
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