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USDCAD could be boosted by higher US Crude oil stockpile

Discussion in 'Current Market Sentiments' started by fx-recommends, Dec 31, 2015.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
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    USDCAD Daily 31-12-2015 06-30-01 ص.jpg

    After finding support at 1.3811, USDCAD could rise for trading near 1.3872 supported by the pressure on the oil prices which erode the Canadian exports value causing financial pressure on the Canadian economy.

    USDCAD has faced difficulty to surpass 1.40 psychological level on Dec. 18 to retreat from 1.39991 trying to fix some of its overbought stance over the daily chart.

    USDCAD daily RSI-14 is now in the neutral area coming down from the overbought area above 70 reading 65.738.

    While USDCAD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility has come down from the overbought area above 80 but it could not hold a place in the oversold area with the rebound which started by the end of last week and now, it's having its main line in the neutral area reading 41.238 and also its signal line which is reading 37.899.

    Important levels: Daily SMA50 @ 1.3464, Daily SMA100 @ 1.3317 and Daily SMA200 @ 1.2912


    S1: 1.3811
    S2: 1.3669
    S3: 1.3517
    R1: 1.3999
    R2: 1.4195
    R3: 1.4672

    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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