USDCAD analysis for 12.10.2017

The oil market has a great influence on CAD. Today Canada will publish New Housing Price Index MoM and YoY along with the US which releases Initial Jobless Claims and EIA Crude Oil Stocks Change. The pair is finding support at 1.24200 with resistance at 1.24690 which both lines are below the weekly pivot point at 1.25250. The EMA of 10 is moving with bearish bias in the ascendant channel but it is above the EMA of 100 and the EMA of 200. The RSI is moving in oversold area, the MACD indicator is in negative territory and the Stochastic is showing downward momentum. The ADX is showing buy signals. The price is below the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend. The support level breakthrough will pave the way for further decline towards 1.20 otherwise, USDCAD will grow targeting 1.30. https://fxglory.com/usdcad-analysis-for-12-10-2017/