Forex Technical Analysis USD/CAD 2013-10-18
Recently established bearish structure drove prices to support at lower Bollinger band at 1.0279 and in the intraday has extended in sideways between 1.0299/1.0279. Downtrend has increased chances for lower ground although risk of NFP may hold the USDCAD in that consolidation zone until Tuesday.
MACD confirms negative structure of the price pattern since it is below zero and lower than its signal line. However, the Stochastic is bullish amid has just escaped oversold territory and heading upward while RSI(14) is declining but just dropped below 30 line, providing us conflicting signals.
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