USDCAD Technical Analysis 02.08.2016

USDCAD

The pair encountered resistance at the 1.3130 level and is now lowering amid the correction in oil prices. If the API data fromt he US shows the reduction of gasoline and crude oil supply in the US, then the price can fall, while their growth will start pushing the pair up.

The price is lower then the middle Bollinger band, lower than SMA5 but higher then SMA14. RSI index is turning down right under 50% level. Stoch are signaling to SELL.

Trading recommendations: We are waiting for the publication of the API data from the US. Is the figures are negative, we buy the pair once the 1.3130 level is breached considering its probable move up to 1.3235 level. If the data is positive then we sell with the target level of 1.3025.