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CAD is still losing ground on oil slide

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 14, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
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    USDCAD Daily 14-01-2016 08-09-54 ص.jpg
    CAD has been exposed to massive selling across the broad because of the aggressive oil falling which can erode the Canadian exports value causing financial pressure on the Canadian economy.

    After ending consolidation between 1.40 and 1.3811 by getting over 1.40 psychological level, USDCAD could gain momentum to reach 1.4380 today having higher overbought parameters to be exposed to profit taken for fixing its current stance.

    USDCAD daily RSI-14 is now in a higher place into the overbought area above 70 reading 82.327 and also its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in the its overbought area above 80 reading 88.205 and also its signal line which is reading now 89.232.

    Important levels: Daily SMA50 @ 1.3646, Daily SMA100 @ 1.3405 and Daily SMA200 @ 1.2984


    S1: 1.4174
    S2: 1.4048
    S3: 1.3895
    R1: 1.4380
    R2: 1.4427
    R3: 1.4491

    Have a good day

    Walid Salah El din
    Senior Market Analyst
    Skype : chief.economist.walid

    Tel: UK. +44 1138590277
    Mob: EGY. +20 1224659143

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