FX:USDCAD   U.S. Dollar / Canadian Dollar
USD/CAD is in a trading range over the short term horizon while the longer term trend is still up as the 200 period moving average has not been breached. The current support level is at 1.0880 and resistance at 1.0983. The price action performed a false break at the top of the 1.0983 resistance level yesterday which led to a big downside move. The price has broken below the up sloping trend-line before falling further. Besides, there’s an inside bar candlestick pattern and two doji candlestick patterns formed just below the up sloping trend-line. The MACD indicator and Parabolic SAR indicator are showing the price may have a short term downtrend coming which supports the bears in this market. The price has also broken the 100 period moving average and the Ichimoku cloud which could offer shorting opportunities in today London session.
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