Forex: technical overview 07.03.18

USDCAD

The pair has found support on the level of 1.2870 as the Bank of Canada isn’t likely to hint at a possible active interest rates raise later this year. The raise isn’t expected today either. The pair may receive additional support due to Trump’s tariff increase in the US within NAFTA.

The price is above the middle line of the borders of Bollinger bands, above EMA 5 and EMA 13. RSI indicates a weakening of growth. Stochastic oscillators are moving upwards.

Trading analysis:

Positive ADP data and the dovish statement from the Bank of Canada will induce the pair to grow up to 1.3050.