Technical Analysis 19.04.2019

USDCAD

The pair is trading within the range of 1.3280–1.3385. The current situation may last as long as early next week due to the contradictory signals that dominate the markets. On one hand, it’s the unclear future of the oil prices growth, on the other hand, it’s the expected interest rates reduction by the Fed and no prospects of increasing interest rates by the Bank of Canada.

The price is above the middle Bollinger band, below SMA 5, but above SMA 14. RSI is moving horizontally above the level of 50%. Stoch are moving down.

Trading recommendations:

Sell the pair as it’s growing, approximately from 1.3385 with a likely reversal and drop to 1.3280.