USDCAD analysis for 20.05.2020
Consumer Price Index, Common Core CPI and Wholesale Sales data will be released in Canada and the US will publish Crude Oil Inventories and FOMC Meeting Minutes.
The pair is finding support at 1.39000 with resistance at 1.39570 which both lines are below the weekly pivot point at 1.40510. The EMA of 10 is moving with bearish bias in the descendant channel and it is located below 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 high ranges. The ADX is showing sell signal. The price is below the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen is showing a downward trend while the Kijun-sen is showing a horizontal trend.
The resistance line breakout will push the price towards 1.40000; otherwise the downward trend will continue towards 1.38500.