The Canadian dollar closed with a bearish candlestick yesterday. During today’s Asian session the price continued downside movement.
Now the price is approaching the support level of the daily graph. All trend indicators are currently supporting current downside movement.
The lower Bollinger band is located slightly below the Support D1.
Oscillators, however, show another situation. Stochastic oscillator is saving powers for a rebound. At the moment the Stochastic is leaving the oversold zone to the neutral zone, thus indicating possible correction movement in a bullish direction.
RSI 14 is located at the limit of the control level.
Currently oscillators concede possible correction rebound to the upside.
Standard Deviation 20, Simple, is demonstrating declining volatility. A short-term consolidation might be expected.
S&R levels for today:
Resistance: 0.9561 – local high.
Support: 0.9454 – behind the price channel level, coincides with the absolute minimum point.
