11.08.2020
The pair is trading in a short-term downtrend amid the rising oil prices and the overall growth in demand for risk assets in the markets. If this sentiment persists, the pair will fall further.
Technical side:
The price is below the middle Bollinger band, below SMA 5 and SMA 14. The moving averages suggest selling. RSI below the 50% level also signals a likely further decline in the price. Stoch are not informative.
USDCAD rate online: monitor the price movement in real time.
Trading recommendations:
The pair is below 1.3335, which will lead to a decline to 1.3245, and then to 1.3200.
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