USDCAD Technical analysis 1.12.2016

USDCAD

The pair fell amid a steep rise of the crude oil quotes. However the fall is restrained by the expected increase in strenght of the US dollar. Nevertheless, a local fall can still be expected.

The price is lower than the middle Bollinger band, lower than SMA5 and SMA14. RSI resides lower than 50% and moving horizontally. Stoch are falling.

Trading recommendations: If the pair breaches the level of 1.3380, a further fall to 1.3345 is quite possible. If it doesn't happen, there is a possibility of a reverse up, as the increase in the strength of the US dollar will provide additional support.