27.05.2020
The pair dropped below the strong support level of 1.3860, where it has been trading recently. The increase in crude oil prices amid the renewed economic activity as countries lift lockdowns supports the demand for risk assets and crude oil, while pressuring the US dollar.
Technical side:
The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is in the oversold zone and moves horizontally. Stoch are trying to break out of the oversold zone.
Trading recommendations:
Sell the pair after it goes below 1.3755, with a likely fall to 1.3620.
The USDCAD rate online: monitor the movement of the pair in real time.
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