09.09.2020
The pair is trading higher following the selloff in the US stock market and the rising demand for the dollar. The pair may continue to grow if the negative sentiment persists and the monetary policy decision by the Bank of Canada doesn’t create new positive factors for the CAD.
Technical side:
The price is on the upper Bollinger band, above SMA 5 and SMA 14. RSI in the overbought zone. Stoch are also in this zone and are turning down.
The USDCAD rate online: monitor the price movement in real time.
Trading recommendations:
If the pair consolidates above 1.3235, it will go further up to 1.3340.
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