$USDCAD | Protracted Retracement in place

11 Eyl 2016

USDCAD The daily price action continues to move below the downward sloping trend line connecting the peek set in late July to late August, but giving the appearance of sideways movement within a range between 1.2800 to 1.3100. This is supported by the daily 23MA steadying below the 53MA showing a weakening trend for this pair. As long as the price action continues to trade below the yellow trendline, the direction is downward. Conversly, should price action bump above the the yellow trendline and stay there for a few sessions, then the direction should follow the next upward sloping trendline at 1.3100.