Technical analysis 10.07.19

USDCAD

The pair is consolidating below 1.3140 in anticipation of the Bank of Canada monetary policy meeting, as well as Jerome Powell’s speech at the Senate. If the Canada’s central bank hints at possible interest rates reduction, while the Fed’s Chair doesn’t mention this at the Sente Banking Committee, the pair will receive support.

The price is above the middle Bollinger band, on the level of SMA 5 and above SMA 14. RSI is moving horizontally along the overbought territory. Stoch are moving down.

Trading recommendations:

Buy the pair after it goes above 1.3140 with a possible further movement to 1.3225.