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USDCAD could have a deeper correction after the oil prices rebound

Discussion in 'Current Market Sentiments' started by fx-recommends, Dec 24, 2015.

  1. fx-recommends

    fx-recommends Content Contributor

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    USDCAD Daily 24-12-2015 07-30-57 ص.jpg
    USDCAD has been negatively impacted by the oil prices rebound, as the Canadian economy depends on exporting the oil.

    USDCAD is trading now near 1.3850, after reaching 1.39991 by the end of last week to have deeper correction fixing some of its overbought stance over the daily chart which is showing now that its daily RSI-14 is barely in the overbought area above 70 reading 70.526.

    While USDCAD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having its main line now in the neutral area reading 42.009 coming down from the overbought region above 80 and also its signal line which is reading 63.556.

    Important levels: MA50 @ 1.3385, MA100 @ 1.3277 and MA200 @ 1.2879

    S&R:

    S1: 1.3669
    S2: 1.3517
    S3: 1.3291
    R1: 1.3999
    R2: 1.4195
    R3: 1.4672


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

    walid.s@trade-24.com
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