USD/CAD Technical Analysis: October 4 2016 The current situation of the oil prices reinforced the entire commodity currencies inclusive of the Canadian dollar. Bearish investors attempted to regain their authority to manage the overall market. During the Asian session the pair exhibited a neutral position. Upon the outset of the European hours, it fell into the selling pressure. Sellers broke the 1.3100 level but did not stayed there for long. The price bounce off at the 1.3070 region. As seen in the 4-hour chart, the price is accelerating towards the 200-EMA by which the pair passed through the 100-EMA and attempted to reach the 50-EMA. Resistance arrived at the 1.3200 mark while reaching the 1.3100 identified as the support. MACD had demonstrated the same activity as yesterday's result and affirmed the seller's strength. RSI falls in the neutral position as well. USDCAD seems bullish and speculated to have an increase reaching the 1.3200 level.