The next few candles are absolutely essential
Canada’s Unemployment Rate came unchanged. As we can see on the chart, the price has had a significant growth and after a short decline, right now is on the bottom of an ascending channel. No clear signal is visible yet and the next candles are extremely important to guess the next move.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The pair is finding support at 1.34060 with resistance at 1.34380 which both lines are above the weekly pivot point at 1.33880. The EMA of 10 is moving horizontally in the ascendant channel and it is located above the EMA of 200 and the EMA of 100. The RSI is moving above 50 level, the MACD line is below the signal line in the negative territory and the Stochastic is moving in middle ranges. The ADX is showing sell signal. The price is above the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen is showing a horizontal trend while the Kijun-sen is showing an upward trend.
The support level breakthrough may push the price down towards 1.3370, otherwise USDCAD may continue its bullish trend towards 1.34600.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.