years on the market

Technical analysis 12.07.19

USDCAD

The pair dropped below the support level of 1.3040 against the background of the local recovery of crude oil prices, as well as the Bank of Canada meeting that left the key interest rate unchanged and positively characterized the state of national economy.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below 50% and is falling. Stoch are entering the oversold territory.

Trading recommendations:

Sell the pair as it’s likely to drop to 1.2950.

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