USDCAD pair is trading below the strong resistance level of 1.3345. The main supporting factor for it is a panic situation with the coronavirus, which is already expected to have a strong negative impact on the growth of the world economy, and therefore the demand for crude oil, which significantly affects the dynamics of the Canadian currency. The persistence of such attitudes will stimulate the USDCAD pair to rise.
Price USDCAD is above the middle line of the Bollinger indicator above 5 SMA and SMA 14. RSI RSI is in overbought zone and indicates a weakening of growth USDCAD price. Stoch crossed into the overbought zone.
Recommendations for USDCAD trade:
We believe that if the pair exceeds the level of 1.3345, USDCAD will continue to rise to 1.3400.
Analytics Grand Capital
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