USDCAD technical analysis 22.01.2020

The pair is trading below 1.3090 in anticipation of the final monetary policy decision of the Bank of Canada. If the bank doesn’t change interest rates and indicates that it won’t happen in the near future, while Candadian inflation data shows a local increase, the pair will become weaker.

The price is above the middle Bollinger band, above SMA 5 and SMA 14. The RSI is located below the oversold zone and moves horizontally. Stoch are increasing.

Trading recommendations:

Expect a local decline of the pair to 1.3030 following the Central Bank of Canada meeting.