-
USDCAD steps on 20-SMA; bears still present
USDCAD had a lukewarm start to December, barely gaining bullish traction despite taking support from the 20-day simple moving average (SMA) at 1.3394. The pair has completed two consecutive negative months, charting a bearish head and shoulders pattern around the 29-month peak of 1.3976. Even though the bulls attempted to deactivate the bearish structure above the 1.3500 neckline this week, the 50-day simple moving average (SMA) pressed the price aggressively lower, keeping negative trend risks alive. In momentum indicators, the RSI and the MACD have been trending up since mid-November, but the former has yet to ... (full story)