1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

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

    Joined:
    Aug 6, 2008
    Messages:
    670
    Likes Received:
    18
    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

    S&R:

    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

    walid.s@trade-24.com
    Tel: UK. +44 1138590277
    Mob: EGY. +20 1224659143
    Archive:
    http://www.trade-24.com/daily-analysis

    To open your account at Trade-24 - Click here
     
Loading...

Share This Page