FX.co ★ Technical review for USD/CAD: price may decline

USD/CAD is consolidating above 1.2800 ahead of the release of the retail sales data from Canada. If the indicator shows a monthly value that is not worse than expected, then the pair will decline. Additional driver for it could be the growing oil prices.

Technical picture:

The quote is above the middle line of the Bollinger indicator, below the SMA 5 and SMA 14. The relative strength index (RSI) is at 50% and is declining slightly, while the stochastic indicator is above the oversold zone.

Possible dynamics:

A decline and consolidation below 1.2800 is likely to lead to a local fall to 1.2720.