USDCAD technical analysis 16.04.2020

USDCAD

The pair is turning down due to the rising crude oil prices after Wednesday’s sell-off. The positive dynamics of futures for major stock indices in Europe and the US also puts pressure on the pair. If this positive sentiment persists, while today’s US unemployment claims are fewer, expect a new decline of the pair.

Technical side:

The price is above the middle Bollinger band, below SMA 5, but so far above SMA 14. RSI is turning down below the overbought zone. Stoch also reverse downwards in the overbought zone.

Trading recommendations:

Sell the pair after it crosses 1.4080 with a local target of 1.3865.

USDCAD rate online: monitor the movement of the pair in real-time.