USDCAD Technical Analysis 27.05.2016

USDCAD

The pair is testing 1.3000 level amid the downside correction of oil prices. The markets are awating the publication of the new US GDP data and, of course, Harvard University Yellen speech. These two events will most likely give more strenghth to the US currency provided that the above-mentioned data turns out to be positive.

The price is lower than the middle Bollinger band, higher than SMA5 but lower than SMA14. RSI resides under 50% level but slowly rising. Stoch are entering the overbought zone.

Trading recommendations: Buy the pair once the 1.3000 level is breached with approximate target of 1.3185 provided the US data promises to be positive.