Going up or down ? any guess ?
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Hello samisami,
The USD/CAD pair is moving higher since the Fed interest rate decision to hike rated and when the Fed Chair Yellen called the expectation for three instead of two rate hikes into next year as a ‘modest adjustment’. The commodity pair is approaching the 1.3450 resistance level as it surpasses above the 50-daily SMA. The RSI indicator is moving towards the overbought area while the MACD oscillator lies below its trigger line and above its zero line.
While the first target the pair could reach if it breaks out above 1.3400 is 1.3450 I think that the overall bullish move will continue until the pair reaches 1.3536, which is the previous high.