Technical Analysis 29.08.18

USDCAD

The pair is trading above the 1.2900 level. It is still supported by the rising oil prices and the hopes for a new trade agreement between the US and Canada. Another positive influence for the pair is the expected Canadian interest rate hike in September.

The price is lower than the middle Bollinger band, at the SMA 5 level and below SMA 14. RSI resides above the oversold zone. Stoch signal the weakening upward movement.

Trading recommendations: 
The pair has a potential to fall locally down to 1.2815 once the level of 1.2900 is crossed amid positive news on the negotiations.