USD/CAD is moving lower within an ascending channel after almost touching the highs. The MACD has crossed its signal line, giving a sell signal. Heavy support lies at 1.3500 from a confluence of major moving averages. The pair recently reached the vicinity of the upper borderline of the channel before rolling over and beginning a decline. Its descent continues.
US Dollar to Canadian Dollar: 4-hour chart The reversal lower is supported by a bearish crossover of the Moving Average Convergence/ Divergence indicator, providing a corresponding sell signal . The MACD is especially reliable at marking turns within a range or channeling market environment. Despite the strength of the latest up leg and the overall bullish bias, price is moving lower as bears take over.
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