Technical Analysis – USDCAD still above uptrend line
USDCAD looks neutral in short-term ahead Canadian employment report
MACD and stochastics move horizontally
USDCAD is moving back and forth of the 20- and the 50-day simple moving averages (SMAs), finding strong support at the medium-term ascending trend line. Momentum oscillators are confirming the sideways movement in the market. The MACD is losing steam near its trigger and zero lines, while the stochastic is flattening within the 20 and 80 level, failing to show any direction signs.
Immediate strong resistance is coming from 1.3740 that failed several times to break in the previous sessions. Moving higher, the 1.3785 and 1.3845 levels could endorse the continuation of the longer-term upside movement.
Alternatively, a dive beneath the rising trend line could meet the obstacles of 1.3590 and the 200-day SMA at 1.3580. A clear step beneath the aforementioned lines could switch the outlook to a more bearish one, hitting 1.3455.
In a nutshell, USDCAD is neutral in the very short-term view, but the broader outlook is still bullish.Related Assets
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