Technical analysis 24.10.18

USDCAD

The pair remains in the short-term uptrend due to decreasing crude oil prices and in expectation of the results of the Bank of Canada monetary policy meeting. If the regulator raises interest rates and hints at more raises in the near future, the price will fall. At the same time, if there’s no tendency towards raising rates and the American economy data is positive, the pair may move up.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is above the level of 50% and is indicating slower decline. Stoch are in the oversold territory.

Trading recommendations:

If the pair remains above 1.3065, it may go further up to 1.3170. However, if it falls below this mark, it may drop further to 1.2995.