USDCAD Technical Analysis 05.04.17

USDCAD

The pair has returned into the corridor of 1.3290-1.3400 amid the publication of the US API data, which showed shortage in oil reserve by 1.8 bln barrels. Gasoline and distillates reserves have also lowered way more than was expected. The pair may keep falling as a result.

The price is higher than the upper Bollinger band, lower than SMA5, but on the level of SMA14. RSI resides higher than 50% level and gradually falling. Stoch are entering the oversold zone.

Trading recommendations:

If the oil quotes keep getting stronger, it may push the pair to 1.3290 — the lower border of the range.