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USDCAD technical analysis for December 1, 2015

The USD/CAD is testing important medium-term support levels and the rising wedge formation boundaries. The stochastic oscillator price is giving bearish divergence signals and there are increased chances of a start of a new downward move that can bring the price towards 1.30.

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Blue line - resistance

This pair is breaking below the Ichimoku cloud and below the red trend-line support. The stochastic oscillator is turning lower from overbought levels. This could be the start of a new downward move that could bring the price back at the start of this rising wedge near 1.29-1.30.

USDCAD2.jpg

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Blue line - resistance

The USD/CAD is testing the lower boundary of the rising wedge. Support is critical at the 1.33-1.3280 area. Breaking below these levels will push the price towards 1.3150 where the Ichimoku cloud support is found. I believe that eventually the price will break down below the support. I'm bearish on USD/CAD.



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