Technical analysis 20.06.18

USDCAD

The pair is trading above 1.3300. The restoration of crude oil prices may put it under pressure and let the price go lower, but the trade war between the US and NAFTA (which also includes Canada and Mexico) may push the pair upwards again after a local rebound downwards.

The price is above the middle Bollinger bands, above SMA 5 and SMA 14. RSI is above the overbought zone. Stoch are also there.

Trading recommendations:

The price may correct downwards if it doesn’t pass 1.3300 and holds above it. If it goes below 1.3265, a local fall to 1.3155 is possible, which would make a 23% Fibonacci retracement.