The strength of the US economy in recent times, coupled with the increased possibility of a rate hike later this month has seen the Dollar dominate against a basket of other currencies. More recently the USD Index took a correction towards support but is not on track to make a recovery.
Following a rally just before the market closed for yesterday, the commodity is not established to be in a mild bearish channel. As of this morning price can be seen to have bounced off the channels resistance line and looks to be heading down.
The pair has some fair amount of retracement in yesterdays session following an impressive bull trend that ran from last week Friday and peaked yesterday. As seen in the chart technical indicators today are slightly bullish. The 50 MA is below price and the RSI is mixed to bullish as well with it being just at the neutrality point.
For the most of this week, the pair has been on an uptrend and has a good possibility of continuing its bull-run. Today price opened above the pivot point which is at 141.35. Still in the upward channel.
The pair appears to be making a trend reversal from the downtrend it was mostly on last week. Today it opened above the pivot price which is at 1.3070. Price is close to the support zone at the moment and could look to make a bullish move towards the resistance of the current channel.
USDCAD is in a bearish channel following a continued downtrend. Although the market opened above the pivot price today, there is only a slight indication that there will be considerable bullish move or a breakout from the resistance zone of the channel.
The pair has been on a downtrend since last week. For most of the past week there has been negative pressure on the EURO with the dominance of the USD. Price is locked in a bearish channel with short opportunities at the resistance zone.