For Traders

Analytical Reviews

Technical analysis

27.05.202212:40 Forex Analysis & Reviews: Technical review for USD/CAD: price may continue to decline

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USD/CAD remains under pressure in the wake of rising crude oil prices and weakening pressure from the US dollar. An additional positive for the loonie is strong economic data in Canada, especially on core retail sales.

Technical picture:

The quote is under the middle line of the Bollinger indicator, below the SMA 5 and SMA 14. The relative strength index (RSI) is below 50% and is indicating a slowdown in decline, while the stochastic indicator is in the oversold zone.

Possible dynamics:

A decline and consolidation below 1.2760 is likely to lead to a local fall to 1.2685.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.