USD/CAD: General Review
LiteForex Europe | Feb 23, 2017 02:09AM ET
The USD/CAD pair continues trading in an ascending channel despite recent growth in oil prices.
Investors are waiting for the publication of the FOMC Minutes hoping that it would give the pair a new impulse. Their expectations are based on appearances of the few Fed officials this week that pointed to good prospects of an interest rate hike. The report should provide some clarity regarding further direction of monetary policy considering current economic conditions and possible risks.
If the report appears hawkish, that would allow the pair to reach the level of 1.3200 and continue its upward movement. The fact that bulls managed to hold the pair above the level of 1.3000 shows their strength.
On the daily chart, the pair broke out the upper border of the descending channel, approaching a quite strong resistance level at 1.3165.
Indicators suggest a growth continuation. MACD histogram is in the negative zone and its volumes are falling. Stochastic lines are directed up.
Support levels: 1.3100, 1.3040, 1.2980.
Resistance levels: 1.3165, 1.3200, 1.3275, 1.3350.
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