USDCAD technical analysis 16.12.2019

The pair is in a downtrend amid the local weakness of the US dollar and the positive dynamics in the crude oil market as the phase one deal between the US and China has been reached. The growing demand for risk assets will put pressure on the pair for a limited period of time.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. Moving Averages suggest selling. RSI is below 50% and is declining. Stoch are also moving down.

Trading recommendations:

Sell the pair after it crosses the level of 1.3140 with a probable local target of 1.3045.