Technical analysis 11.09.2019

USDCAD

The pair consolidates above the level of 1.3135 amid the slowing growth of crude oil prices and in anticipation of the ECB and the Fed's monetary policy decisions. If the oil prices correct downwards, the pair may recover locally, although the general prediction is still downtrend.

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 takes place up above the oversold area.

Trade recommendations:

The pair may rebound to 1.3180. Sell it either at its growth from this level, or after its drop below the level of 1.3135 with the target of 1.3100.