1. Hello Guest Do you know binary.com offers exclusive $20 No Deposit Bonus for FX Binary Point visitors? Click here to sign up

Forex technical analysis: USDCAD bounces off MA support.

Discussion in 'Technical Analysis' started by ForexLive, Jan 19, 2016.

  1. ForexLive

    ForexLive Forum Member

    Joined:
    Sep 2, 2015
    Messages:
    14,041
    Likes Received:
    1
    Moves back toward unchanged but The USDCAD in earlier trading today was supported by a short covering in the commodity currencies after the China GDP got out of the way. Iran came out later and reminded the market that new supply was in the pipeline for oil. The EIA said today that the market may "drown in oil in 2016". That fundamental news along with the a very nice technical bounce off the 100 hour MA (blue line in the chart below), was enough to get the pair off the lows and moving back toward the close from yesterday. That level comes in at 1.4554. The high extended to 1.4539.

    Read full forex technical analysis here
     

Share This Page