Technical Analysis 09.09.2019

USDCAD

The pair is consolidating below 1.3180 amid the outcome of the meeting of the Bank of Canada, which has a positive impact on the local currency along with anticipation of the Fed's monetary policy decision, which will take place in the second half of September. The Canadian dollar is also supported by rising crude oil prices.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is located above the oversold zone and moves horizontally. Stoch reverse upwards in the oversold zone.

Trade recommendations:

Expect the pair to continue its decline to 1.3100 if it is technically below the level of 1.3180.