USD/CAD Technical Analysis: March 17, 2017
The market remained in the hands of the sellers on Thursday. Meanwhile, the greens stayed near its fresh lows during the first part of the day. The major was unable to establish a significant reversal amid earlier session. The major pierced further towards the phase of bearish consolidation and oscillated within the bounds of 30-pips trades.
An upward impetus developed in the post-EU hours. It appeared on the 4-hour chart that the price made a gapped to the 100 and 50-EMAs downwards. Moreover, the 200 and 100-EMA maintained a bullish pattern while the 50-day moving averages advanced lower.
Resistance is at 1.3330, support holds 1.3260.
The MACD histogram softened which favors sellers’ strength. The RSI lifted near the oversold territory and moved northbound.
The next possible near-term target of the USD/CAD is the 1.3330 region.
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