USDCAD analysis for 31.07.2019
The US will publish Federal Funds Rate, Crude Oil Inventories, Chicago PMI, Employment Cost Index q/q and ADP Non-Farm Employment Change and Canada will release GDP M/M May, GDP Y/Y, Industrial Product Price and Raw Materials Price Index.
The pair is finding support at 1.31100 with resistance at 1.31520 which the weekly pivot point at 1.31360 is located in between the lines. The EMA of 10 is moving horizontally in the ascendant channel and it is located above the EMA of 200 and the EMA of 100. The RSI is moving below 50 level, the MACD line is below the signal line in the negative territory and the Stochastic is moving in low ranges. The ADX is not showing any clear signals. The price is in the Ichimoku Cloud and below the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal trend.
Short positions are recommended towards 1.31000.