Yesterday, the US dollar weakened against the Canadian currency since learned to keep interest rates unchanged - 0.50%. Meanwhile, the Canadian dollar gains were limited by reducing the "black gold" prices.
Pair USD / CAD traded lower yesterday and the day lost about 0.60%. Instrument is traded in the short-term ascending channel and the price close to its bottom. Resistance is located at 1.3000, support - at 1.2900.
MACD is in the positive zone. Histogram indicator declined yesterday, suggesting the weakening power of buyers and sellers increasing force. RSI approached the oversold zone, which also confirms the power of bears.
Pair USD / CAD has broken through the 50, the EMA and the 100 tested, the EMA on the 4 hour chart. Quotes bounced off the 100-EMA, which serves to support the pair.
Forecast USD / CAD today
The decrease in USD / CAD pair may be developed. The first target will make a mark 1.2900, and in case of breakdown and fixing prices are lower, the aim will be the level of 1.2800.
Based on materials from Fort Financial Services