27.02.2020
The pair is trading below the strong resistance level of 1.3345. The main supporting factor is the mood of panic around the new coronavirus which is already expected to have a strong negative impact on the global economic growth, and therefore on the demand for crude oil whose dynamic noticeably affects the Canadian currency. The pair will continue to grow provided the market sentiment remains the same.
The price is above the middle Bollinger band, above SMA 5 and SMA 14. RSI is under the overbought zone and indicates a weakening of the price growth. Stoch intersect in the overbought zone.
Trading recommendations:
If the pair breaks the 1.3345 level, it will result in a further growth to 1.3400.
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