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USDCAD : Testing Key Resistance at 1.0874

Key Resistance : 1.0874

USDCAD is currently testing the key resistance level which was earlier acting as a support level. The upbeat US data will provide some surge to the pair and might push the pair up breaking this resistance. However upbeat manufacturing sales data might cap the gains of USDCAD. 

Stochastic oscillator is indicating a change in trend as %k line just crossed below the %D line showing that the pair will follow uptrend. If the pair rises it will find the next resistance at the resistance trend line of the channel. 

However if looking at the moving averages it seems like the bearish trend remain intact as 50 day SMA is far below the 100 day and 200 day SMAs. If 50 day SMA moves above the 100 day or 200 day SMA we will see a change in downtrend to uptrend.