08.05.2020
The pair is still moving in a wide range of 1.3860–1.4245. It will continue to decline to its lower limit as the demand for crude oil is increasing, and OPEC++ is reducing the supply volumes to the global market. This trend will continue today, despite the expected poor Canadian labor market data.
Technical side:
The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is located above the oversold zone and indicates a weakening of the price decline. Stoch are turning up in this zone.
Trading recommendations:
Sell the pair with its probable decline to 1.3860, if it does not grow above 1.3950.
The USDCAD rate online: monitor the movement of the pair in real time.
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