05.08.2020
The pair is consolidating in the range of 1.1740–1.1900 ahead of new employment data from the US Department of Labor. If the demand for risk assets persists, the pair will continue to rise against the backdrop of the dollar’s overall fundamental weakness.
Technical side:
The price is above the middle Bollinger band, above SMA 5 and SMA 14. Moving averages intersect, signaling a likely price increase. RSI is above the 50% level and moves horizontally. Stoch indicate a weaker decline.
USDCAD rate online: monitor the price movement in real time.
Trading recommendations:
Buy the pair when the level of 1.1900 is broken with a likely rise to 1.1975.
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