USDCAD analysis for 01.02.2019
Canada will publish RBC Manufacturing PMI and the US will publish ISM Manufacturing PMI and Non-Farm Payrolls.
The pair is finding support at 1.31320 with resistance at 1.31680 which both lines are below the weekly pivot point at 1.32680. The EMA of 10 is moving with bearish bias in the descendant channel and it is located below the EMA of 200 and the EMA of 100. The RSI is moving in oversold area, the MACD line is below the signal line in the negative territory and the Stochastic is showing upward momentum. The ADX is not showing any clear signals. The price is below the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen is showing a downward trend while the Kijun-sen is showing a horizontal trend.
The support level breakthrough will smooth the way for further decline towards 1.31; otherwise USDCAD may grow towards 1.3188.