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USD/CAD- Upward Trend Fading

Published 12/29/2015, 06:35 AM
Updated 02/02/2022, 05:40 AM

The USD/CAD pair is trading above its upward trend line on a daily time frame. we two upward trend line, one has a steeper angle than the other. However, the price is trading above both of the lines and this means that the uptrend is strong. The price has broken its 50 day (shown in yellow) moving average and this represents some weakness for the price. Nonetheless, we are still trading above the 100 day (shown in red) moving average.

The RSI is trading in line with the price action which means that while the price is making the higher lower low, the RSI is confirming the momentum. This could change as we approach near the the 100 day moving average.

Screen Shot 2015-12-29 at 08.24.42

Important Zones

1.3991- 1.3965 Resistance

1.3705- 1.3671 Support

Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.

by Naeem Aslam

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