Technical Analysis 18.04.2019

USDCAD

The pair is trading within the range of 1.3280–1.3385. It’s balanced by both the potential weakness of the USD and the lack of indications of interest rates hike in Canada. Even the growing crude oil prices can’t significantly support the CAD rate due to the lasting uncertainty on the world markets.

The price is below the middle Bollinger band, above SMA 5 and SMA 14. RSI is moving horizontally slightly above the level of 50%. Stoch are in the overbought territory.

Trading recommendations:

Sell the pair against the backdrop of positive data from the US from approximately 1.3385 with a likely reversal downwards to 1.3280.