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The USDCAD pair is showing clear respect to a key moving average today while trading within the middle of a flag formation. There is a possible double top in formation, yet for the time being I see direction being determined by this 50 period SMA. The 50 period SMA has provided significant resistance throughout 2014 and appears to be doing so yet again. The shooting star and doji candles seen in the past two four hour periods show a clear element of indecision in the market. The stochastic oscillator has turned to the downside in accordance with the descending trend-line. I am expecting the price action to pullback towards the lower area of this flag should we continue to remain below the moving average. However, a close above would bring a much more bullish outlook with resistance around 1.112. Ultimately, the wider triangle formation will be key to gauging more medium term outlook for the pair.
