Technical analysis 10.09.2019

USDCAD

The pair is trading below 1.3180 amid a correction in crude oil prices. If the price stays below this level as the oil prices resume growing, it is likely to continue its local decline, but if the oil quotes go down, the pair may begin an upwards correction.

The price is below the middle Bollinger band, above SMA 5, but below SMA 14. RSI is located above the oversold zone and moves horizontally. Stoch reverses downwards in the overbought zone.

Trade recommendations:

Expect the pair to continue its decline to 1.3130 if it is below the level of 1.3180 from the technical point of view.