USDCAD technical analysis 19.12.2019

The pair is trading below 1.3115. It’s under pressure following the publication of the Canadian consumer inflation data on Wednesday, which showed its growth at an annual rate of 2.2% against the previous year’s value of 2.1%. This may be the reason for the lack of desire of the Bank of Canada to lower interest rates.

The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the 50% level and moves horizontally. Stoch have reversed upwards.

Trading recommendations:

Sell the pair with a probable local target of 1.3045.