USDCAD Forecast 4H and Daily Chart – February 9, 2017

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The 4H chart above for the USDCAD shows the pair went below the consolidation levels of 1.31510-1.32000. Stochastic showing the price is currently in oversold levels. Price may find support at the 50 moving average (Light Blue line). RSI is currently at neutral levels. 4H chart looks short term bearish but traders should go in with caution.

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The daily chart for the USDCAD tells a different story. Price is currently below 200 moving average and stochastic is near the overbought levels and it is looking to form a bearish crossover soon. The pair needs to find support around the 1.30020 level and bounce up to break the current downtrend. The pair has been bearish since December and possibly may continue in the long term.

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