USD/CAD, potential of declining further

Bears are still holding the power

Ivey PMI s.a will be published in Canada and the US will release ISM Non-Manufacturing PMI. On the the price chart the price has ascended significantly and there is no sign of trend reversal yet, support level are almost broken and the bears power is taking over the market.

            Chart Notes: 

           • Chart time-zone is UTC (+03:00)

           • Candles’ time-frame is 4h.


The pair is finding support at 1.33470 with resistance at 1.33810 which both lines are below the weekly pivot point at 1.34700. The EMA of 10 is moving with bearish bias in the descendant channel and it is located above the EMA of 200 and below 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 moving in low ranges. The ADX is showing sell signal. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a downward trend.
Short positions are recommended towards 1.3270.

• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.